Below are some typical transactions incurred by Khiani Company. 1. Payment of creditors on account. 2. Return

Question:

Below are some typical transactions incurred by Khiani Company.

1. Payment of creditors on account.

2. Return of merchandise sold for credit.

3. Collection on account from customers.

4. Sale of land for cash.

5. Sale of merchandise on account.

6. Sale of merchandise for cash.

7. Received credit for merchandise purchased on credit.

8. Sales discount taken on goods sold.

9. Payment of employee wages.

10. Payment of cash dividend to stockholders.

11. Depreciation on building.

12. Purchase of office supplies for cash.

13. Purchase of merchandise on account.

Instructions

For each transaction, indicate whether it would normally be recorded in a cash receipts journal, cash payments journal, sales journal, single-column purchases journal, or general journal.

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...