Question

Medical Supply Company uses a cash receipts journal, a cash payments journal, a sales journal, a...

Medical Supply Company uses a cash receipts journal, a cash payments journal, a sales journal, a purchases journal, and a general journal. Which journal should be used to record each of the following transactions?

A. Payment of Property Taxes
B. Purchase of Office Equipment on Credit
C. Sale of Merchandise on Credit
D. Sale of Merchandise for Cash
E. Cash refund to a customer who returned Merchandise
F. Return of Merchandise to a supplier
G. Adjusting entry to record depreciation
H. Purchase of a delivery truck for cash
I. Purchase of merchandise on credit
J. Return of merchandise by a customer company for credit to its account

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Answer #1

A. Payment of Property Taxes = General Journal
B. Purchase of Office Equipment on Credit = Purchases Journal
C. Sale of Merchandise on Credit = Sales Journal
D. Sale of Merchandise for Cash = Cash Receipts Journal
E. Cash refund to a customer who returned Merchandise = Payments Journal
F. Return of Merchandise to a supplier = Purchases Journal
G. Adjusting entry to record depreciation = General Journal
H. Purchase of a delivery truck for cash = Payments Journal
I. Purchase of merchandise on credit = Purchases Journal
J. Return of merchandise by a customer company for credit to its account = Sales Journal

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