Given below are the transactions for B. Stern Company. For each transaction state the account(s) to be debited and account(s) to be credited and indicate the journal in which each transaction should be recorded. Indicate (P) for purchase journal, (CP) for cash payments, or (GJ) for general journal in the column headed journal.
Debit Credit Journal
Supplies Accts. Pay. ____P___ 0. Purchased supplies on account
___________________________ a. Purchased merchandise on account.
___________________________ b. Paid utilities expense.
___________________________ c. Purchased merchandise for cash.
___________________________ d. Returned half of goods purchased in a.
___________________________ e. Showers made a withdrawal of cash.
___________________________ f. Purchased store equipment on account.
__________________________ g. Paid for purchases in a., less return within the period.
45) Given below are the transactions for G. Turner Company. For each transaction state the account(s) to be debited and account(s) to be credited and indicate the journal in which each transaction should be recorded. Indicate (P) for purchase journal, (CP) for cash payments journal, or (GJ) for general journal.
Debit Credit Journal
Supplies__Cash_____CP___0. Purchased supplies for cash
___________________________ a. Withdrew $500 in cash from the business.
___________________________ b. Paid salaries expense, $800.
___________________________ c. Purchased merchandise for cash, $2,500.
___________________________ d. Purchased merchandise on account, $4,000.
___________________________ e. Returned $1,000 of goods purchased in d.
__________________________ f. Paid two months' rent in advance, $600
___________________________ g. Paid for purchases in d., less discount and return.
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