A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the current month of October:
Record these transactions in the appropriate journal shown below.
We see no journal below?
Sra
When recording the following transactions in general journal entry form.
1. Issused common stock for $5,000 cash.
2. Borrowed $4,000 cash from a Local Bank.
3. Ourchased $500 of supplies on account.
4. Recognized revenue of $18,000 for services provided on account.
5. Paid $3,900 cash for salaries expense.
6. Paid $2,400 cash in advance for a one-year lease to rent office space.
7. Purchased $3,500 of office furniture on account.
8. Received $1,800 cash for services to be performed in the future.
9. Collected $3,000 cash from accounts receivable.
10. Paid $1,200 cash for utilities.
To properly record these transactions, follow these steps for each transaction:
1. Determine the type of transaction: Sales, Purchases, Cash Receipts, Cash Disbursements, or General.
2. Identify the specific details of the transaction, such as names of accounts involved, amounts, dates, etc.
Once you have the details, you can record the transactions in the appropriate journals as follows:
1. Sales Journal: Record all sales transactions, including sales on credit, using the sales journal:
| Date | Customer | Sales Revenue | Accounts Receivable |
| ---- | -------- | ------------- | ------------------ |
| | | | |
2. Purchases Journal: Record all purchases transactions, including purchases on credit, using the purchases journal:
| Date | Supplier | Inventory | Accounts Payable |
| ---- | -------- | --------- | ---------------- |
| | | | |
3. Cash Receipts Journal: Record all transactions related to cash received, such as customer payments, using the cash receipts journal:
| Date | Customer | Accounts Receivable | Cash | Sales Discounts | Sales Revenue |
| ---- | -------- | ------------------ | ---- | -------------- | ------------- |
| | | | | | |
4. Cash Disbursements Journal: Record all transactions related to cash paid out, such as payments to suppliers, using the cash disbursements journal:
| Date | Supplier | Inventory | Accounts Payable | Cash |
| ---- | -------- | --------- | ---------------- | ---- |
| | | | | |
5. General Journal: Record any transactions that do not fit into the specific journals mentioned above, such as adjusting entries or other miscellaneous transactions. Use the general journal for these transactions:
| Date | Account Title | Debit | Credit |
| ---- | ------------- | ----- | ------ |
| | | | |
Make sure to fill in the specific details of each transaction in the appropriate columns within each journal.