Special journals The accounting system of K and M Manufacturing consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ). For each of the following, indicate which journal should be used to record the transaction.

Transaction

Journal

1. Paid interest on a loan.



2. Recorded depreciation expense.



3. Purchased furniture for cash.



4. Purchased merchandise on account.



5. Sold merchandise on credit (the sale only, not the cost of the merchandise).



6. Sold merchandise for cash (the sale only, not the cost of the merchandise).



7. Paid rent.



8. Recorded accrued interest payable.



9. Paid advertising bill.



10. Recorded bad debt expense.



11. Sold machinery on credit.



12. Collected cash from customers on account.



.13. Paid employees wages.



14. Collected interest on a note receivable.

Special journals

Indication of the journal to record a transaction:

Transaction                                               Journal

1. Paid interest on a loan.                     a cash disbursements journal (CD)

2. Recorded depreciation expense.   a general journal (GJ)

3. Purchased furniture for cash.       a cash disbursements journal (CD)

4. Purchased merchandise on account. a purchases journal (PJ)

5. Sold merchandise on credit (the sale only, not the cost of the merchandise).                                           a sales journal (SJ)

6. Sold merchandise for cash (the sale only, not the cost of the merchandise).                                           a cash receipts journal (CR)

7. Paid rent.                                               a cash disbursements journal (CD)

8. Recorded accrued interest payable. a general journal (GJ)

9. Paid advertising bill.                           a cash disbursements journal (CD)

10. Recorded bad debt expense.         a general journal (GJ)

11. Sold machinery on credit.               a general journal (GJ)

12. Collected cash from customers on account.  a cash receipts journal (CR)

13. Paid employees wages.   a cash disbursements journal (CD)

14. Collected interest on a note receivable.   a cash receipts journal (CR)

Explanation:

Journals are used to record business transactions as they occur on a daily basis.  The general journal serves all purposes.  Special journals records transactions of a specific type, such as sales or purchases.

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