Introduction to Accounting

Problem #3) Special Journals

The alex Company books and records consist of the following Journals: a sales Journal (S), a Purchases Journal (P), a Cash Receipts journal (CR), a Cash Payments journal (CP), and a General Journal (J). They also have a General Ledger and two subsidiary ledgers:

- Accounts Receivable Subsidary Ledger and

- Accounts Payable Subsidary Ledger.

REQUIRED:

1) Indicate in which journal each of the following transactions would be recorded; and

2) Indicate which Ledgers are affected i,e- General Ledger, and / or Accts Rec. Subsidiary Ledger or Accr Pay Subsidiary Ledger.

3) Write your answers on journal you chose

1. Paid Weekly Salaries

2. Allensandra Company returned detective inventory to seller for credit

3. Sold merchandise on credit

4. Recorded accrued salaries

5. Sold merchandise for cash

6. Paid a promissory note due

7. Purchased merchandise on credit

8. Recorded closing entries

9. Owner invested cash into the business

10. Purchased equipment on credit

11. Issued a Credit Memo to customer Smith for returned merchandise