Answer to Question #272679 in Marketing for Trish

Question #272679

I. Special Journals. Based on the transactions below identify what special journal will be used. 1 point per correct answer.

1. Purchase of merchandise for cash.

2. Purchase of merchandise with credit terms of 2/10, 2/30.

3. Sold merchandise with credit terms of 2/10, n/15.

4. Sold merchandise for cash.

5. Payment of account in #2 transaction within discount period.

6. Payment of salaries & wages of employees.

7. Received an electric bill.

8. Purchase of office supplies on account.

9. Payment of electricity in transaction #7.

10. Issued a credit memorandum for goods returned.

11. Withdraw of office supplies for personal use.

12. To take up depreciation expense at the end of accounting period.

Expert's answer

1.      Petty cash journal

2.      Purchases journal

3.      Sales journal

4.      Sales journal

5.      Bank journal

6.      Salaries and wages journal.

7.      Suppliers journal.

8.      Office consumables journal.

9.      Electricity journal.

10.  Discount allowed journal.

11.  Directors journal.

12.  Depreciation journal.

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