The owner transfers a personal automobile to the company with afair market value of $12,000. The entry will be made inthe

1. cashpayments journal 2. generaljournal 3. purchasesjournal 4. cash receiptsjournal

A companyreturns defective supplies that were purchased for cash andreceives a cash refund. This transaction should be recordedin the 1. Cash Receiptsjournal 2. Generaljournal 3. Purchasesjournal 4. Revenuejournal The cash receipts journal will be used for 1. all cash received. 2. only cash received fromcustomers on account. 3. only cash received fromcash sales. 4. cash received fromcustomers on account and cash

When posting the column totals of a cash payments journal, a debitshould be posted to 1. Unearned Revenue 2. Sales Discounts 3. Cash 4. AccountsPayable When there are a large number of individual accounts with a commoncharacteristic, it is common to place them in a separate ledgercalled a(n) 1. subsidiary ledger 2. creditors ledger 3. accounts payable ledger 4. accounts receivableledger