Below are listed several books of original entry. Indicate the journal in which each transaction should be recorded by placing the letters representing the appropriate journal in the space provided.
CP Cash payments journal
CR Cash receipts journal
P Purchases journal
GJ General journal
0. CP Paid weekly salaries.
a) ________ Purchased merchandise on account.
b) ________ Gave customer credit on account for merchandise returned.
c) ________ Owner invested additional cash in the business.
d) ________ Sold merchandise on account.
e) ________ Received credit on account from a supplier for merchandise returned.
f) ________ Purchased office equipment on account.
g) ________ Sold merchandise for cash.
h) ________Paid for goods purchased in a.
i) ________ Owner withdrew cash from the business.
j) ________ Paid for advertising expense.
47) Compare and contrast the controlling account Accounts Payable to the accounts payable ledger. Discuss why the balance of the controlling account, Accounts Payable, does not equal the sum of the accounts payable ledger during the month.
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