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Poole Company Maintains Four Special Journals and a General Journal

Question 149

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Poole Company maintains four special journals and a general journal to record its transactions. Indicate the appropriate journal for recording the transactions listed.

Premises:

Responses:

Mr. Richey invested cash in the business.

Sales journal

Purchased store supplies on account.

Cash receipts journal

Sold merchandise to customer on account.

Cash payments journal

Purchased a 2-year fire insurance policy for cash.

Single-column purchases journal

Received a check from a customer as payment on account.

General journal

Paid for store supplies purchased in transaction 2.

Purchased merchandise on account.

Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.

Purchased office equipment for cash.

Made an adjusting entry for store supplies used during the period.

Premises:

Mr. Richey invested cash in the business.

Purchased store supplies on account.

Sold merchandise to customer on account.

Purchased a 2-year fire insurance policy for cash.

Received a check from a customer as payment on account.

Paid for store supplies purchased in transaction 2.

Purchased merchandise on account.

Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.

Purchased office equipment for cash.

Made an adjusting entry for store supplies used during the period.

Responses:

Sales journal

Cash receipts journal

Cash payments journal

Single-column purchases journal

General journal

Correct Answer:

Premises:

Responses:

Mr. Richey invested cash in the business.

Purchased store supplies on account.

Sold merchandise to customer on account.

Purchased a 2-year fire insurance policy for cash.

Received a check from a customer as payment on account.

Paid for store supplies purchased in transaction 2.

Purchased merchandise on account.

Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.

Purchased office equipment for cash.

Made an adjusting entry for store supplies used during the period.

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