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Below Are Some Typical Transactions Incurred by Harley Company

Question 87

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Below are some typical transactions incurred by Harley Company.
For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized.

Premises:
Purchase of merchandise on account.
Collection on account from customers.
Payment of employee's wages.
Sales of merchandise for cash.
Close Income Summary to Retained Earnings.
Adjusting entry for depreciation on machinery.
Payment of creditors on account.
Purchase of office equipment on credit.
Sales discount taken on goods sold on credit.
Sales of merchandise on account.
Purchase of a delivery truck for cash.
Return of merchandise purchased on credit.
Payment of rent in advance.
Adjusting entry for accrued interest expense.
Purchase of office supplies for cash.
Responses:
Cash Receipts Journal
Cash Payments Journal
Sales Journal
Single-Column Purchases Journal
General Journal

Correct Answer:

Purchase of merchandise on account.
Collection on account from customers.
Payment of employee's wages.
Sales of merchandise for cash.
Close Income Summary to Retained Earnings.
Adjusting entry for depreciation on machinery.
Payment of creditors on account.
Purchase of office equipment on credit.
Sales discount taken on goods sold on credit.
Sales of merchandise on account.
Purchase of a delivery truck for cash.
Return of merchandise purchased on credit.
Payment of rent in advance.
Adjusting entry for accrued interest expense.
Purchase of office supplies for cash.
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