Return to Blackboard LUS Wandt, Accounting Principles, 12e System RCES Exercise 124 Below are some typical transactions incurred by Piper Company. For each transaction, Indicate the appropriate journal where the transaction would be foumalized 1. Purchase of merchandise on account. 2. Collection on account from customers. 3. Payment of employee's wages. Cash Receipts Journal 4. Sales of merchandise for cash, Cash Payments Journal S. Close Income Summary to owner's capital. General Journal Sales Journal 6. Adjusting entry for depreciation on machinery. Single-Column Purchases Journal 7. Payment of creditors on account. 8. Purchase of office equipment on credit. 9. Sales discount taken on goods sold on credit. V 10. Sales of merchandise on account. Purchase of a delivery truck for cash.