managerial accounting

1. BE 107
Dexter Company maintains four special journals and a generaljournal to record its
transactions.
Using the code below, indicate in the space provided the appropriate journal for recording the
transactions listed.
Code Journals
S
CR
CP
P
G
Sales journal
Cash receipts journal
Cash payments journal
Single-column purchases journal
General journal
____ 1. Mr. Dexter invested cash in the business.
____ 2. Purchased store supplies on account.
____ 3. Sold merchandise to customer on account.
____ 4. Purchased a 2-year fire insurance policy for cash.
____ 5. Received a check from a customer as payment on account.
____ 6. Paid for store supplies purchased in transaction 2.
____ 7. Purchased merchandise on account.
____ 8. Issued a credit memorandum to a customer who returned defective merchandise
previously sold on account.
____ 9. Purchased office equipment for cash.
____ 10. Made an adjusting entry for store supplies used during the period.
Indicate in which journal each of the following transactions is recorded.
1. Cash purchase of merchandise. _______________________
2. Owner investment of cash. _______________________
3. Sale of merchandise on account. _______________________
4. Purchase of supplies for cash. _______________________
5. Credit purchase of merchandise. _______________________
6. Collection on account from customers. _______________________
Ex. 113
LowryCompanyusesa salesjournal,acash receiptsjournal,anda general journal torecord
transactionswithitscustomers.Recordthe followingtransactionsinthe appropriate
journals.The
cost of all merchandise soldwas70% of the salesprice
.
July2 Soldmerchandise for$15,000 to B. Rice on account.Creditterms2/10, n/30. Sales
invoice No.100
.
July5 Receivedacheckfor $800 from R. Hyatt in paymentof hisaccount
.
July8 Soldmerchandise toF.Wengerfor $900 cash
.
July10 Receivedacheckinpaymentof Salesinvoice No.100 fromB. Rice minusthe 2%
discount
.
July15 Soldmerchandise for$9,000 to J.Mays on account.Creditterms 2/10, n/30. Sales
invoice No.101
.
July18 Borrowed$25,000 cash fromUnitedBank signinga6-month,10% note
.
July20 Soldmerchandise for$12,000 to C. Kane on account.Creditterms2/10, n/30. Sales
invoice No.102
.
July25 Issuedacredit(reduction) of $600 to C. Kane as an allowance fordamaged

2. merchandise previouslysoldonaccount
.
July31 ReceivedacheckfromJ. Mays for $5,000 as paymentonaccount.
Ex. 114
GorenCompanyusesa single-columnpurchasesjournal,acashpaymentsjournal,anda
general journal torecordtransactionswithitssuppliersandothers.Recordthe following
transactionsinthe appropriate journals
.
Transactions
Oct. 5 Purchasedmerchandiseonaccountfor$20,000 fromHendryCompany.Terms
:
2
/
10
,
n/30; FOB shippingpoint
.
Oct. 6 Paid$7,200 to FederatedInsurance Companyforatwo-yearfire insurance policy
.
Oct. 8 Purchasedstore suppliesonaccountfor$700 from FlintSupplyCompany.Terms
:
2
/
10
,
n/30
.
Oct. 11 Purchasedmerchandise onaccountfor$14,000 fromAdlerCorporation.Terms
:
2
/
10
,
n/30; FOB shippingpoint
.
Oct. 13 Granteda reductionof $3,000 to AdlerCorporationformerchandise purchasedon
October11 and returnedbecause of damage
.
Oct. 15 PaidHendryCompanyformerchandise purchasedonOctober5,lessdiscount
.
Oct. 16 Purchasedmerchandise for$8,000 cash fromCliffordCompany
.
Oct. 21 PaidAdlerCorporationformerchandise purchasedonOctober11, lessmerchandise
returnedonOctober13, lessdiscount
.
Oct. 25 Purchasedmerchandise onaccountfor$22,000 fromEaton Company.Terms:2/10
,
n/30; FOB shippingpoint
.
Oct. 31 Purchasedoffice equipmentfor$30,000 cash from Pate Office SupplyCompany.