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Special journals

The accounting system of K and M Manufacturing consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ). For each of the following, indicate which journal should be used to record the transaction.

Transaction

Journal

1. Paid interest on a loan.

_____

2. Recorded depreciation expense.

_____

3. Purchased furniture for cash.

_____

4. Purchased merchandise on account.

_____

5. Sold merchandise on credit (the sale only, not the cost of the merchandise).

_____

6. Sold merchandise for cash (the sale only, not the cost of the merchandise).

_____

7. Paid rent.

_____

8. Recorded accrued interest payable.

_____

9. Paid advertising bill.

_____

10. Recorded bad debt expense.

_____

11. Sold machinery on credit.

_____

12. Collected cash from customers on account.

_____

.13. Paid employees wages.

_____

14. Collected interest on a note receivable.

_____

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Answer:

Special journals

Indication of the journal to record a transaction:

Transaction                                               Journal

1. Paid interest on a loan.                    _____ a cash disbursements journal (CD)

2. Recorded depreciation expense.  _____ a general journal (GJ)

3. Purchased furniture for cash.       _____ a cash disbursements journal (CD)

4. Purchased merchandise on account. _____ a purchases journal (PJ)

5. Sold merchandise on credit (the sale only, not the cost of the merchandise).                                           _____ a sales journal (SJ)

6. Sold merchandise for cash (the sale only, not the cost of the merchandise).                                           _____ a cash receipts journal (CR)

7. Paid rent.                                              _____ a cash disbursements journal (CD)

8. Recorded accrued interest payable. _____ a general journal (GJ)

9. Paid advertising bill.                           _____ a cash disbursements journal (CD)

10. Recorded bad debt expense.         _____ a general journal (GJ)

11. Sold machinery on credit.               _____ a general journal (GJ)

12. Collected cash from customers on account.  _____a cash receipts journal (CR)

13. Paid employees wages.  _____ a cash disbursements journal (CD)

 

14. Collected interest on a note receivable.  _____ a cash receipts journal (CR)

Explanation:

Journals are used to record business transactions as they occur on a daily basis.  The general journal serves all purposes.  Special journals records transactions of a specific type, such as sales or purchases.

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