Wilcox Electronics uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. 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. (Page 278).

Question

Business

Anabella Fisher

16 May, 16:40

Wilcox Electronics uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. 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. (Page 278).

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Answers (1)

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Annalise Hart · Answer 1

Answer and Explanation:

The sales journal records the sales transactions

The purchase journal records the purchase transaction

The cash receipts records that transactions in which cash is received

The cash payment records that transactions in which cash is paid

And, the general journal records the transactions related to adjusting entries, opening stock, etc

Based on this the identifications are as follows

a Sold merchandise on credit = Sales journal

b. Purchased shop supplies on credit = Purchase journal

c. Paid an employee's salary in cash = Cash payment journal

d. Borrowed cash from the bank = Cash receipt journal

e. Sold merchandise for cash = Cash receipts journal

f. Purchase merchandise for cash = Cash payment journal

g. Purchased inventory for cash = Cash payment journal

h. Paid cash to a creditor = Cash payment journal