ACC 225
Axia College of University of Phoenix (UoP)
Financial Accounting
Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)
ACC 225 Solution
Help in ACC 225
Quick Study Questions 7-4 (QS 7-4) Damron Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Damron recently completed the following transactions a through h. Identify the journal in which each transaction should be recorded.
a. Paid cash to a creditor. e. Borrowed cash from the bank.
b. Sold merchandise on credit. f. Sold merchandise for cash.
c. Purchased shop supplies on credit. g. Purchased merchandise on credit.
d. Paid an employee’s salary in cash. h. Purchased inventory for cash.
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