Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal,
Question:
Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this appendix. Wilcox recently completed the following transactions a through h. Identify the journal in which each transaction should be recorded.
a. Sold merchandise on credit.
e. Sold merchandise for cash.
b. Purchased shop supplies on credit.
f. Purchased merchandise on credit.
c. Paid an employee’s salary in cash. g. Purchased inventory for cash.
d. Borrowed cash from the bank. h. Paid cash to a creditor.
AppendixLO1
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild
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