Question

Learning Task 1: Identify the kind of journal that should be used in the following
transactions.
1. Cash received from sale of other assets.
2. Merchandise is sold on account.
3. Payment to creditor, vendors or suppliers.
4. Cash received from sale of other assets.
5. Purchased inventory on account.
6. Purchase of merchandise for cash.
7. Collected PHP10,000 from a customer in payment of his account.
8. Bought 100 pieces of mugs to be sold in the store amounting to PHP1,500 on
account.
9. Sold five pieces of mugs to X, PHP320 cash
10.Sold 100 pieces of mugs to Unicup, Inc., PHP5,600 on account
OPPTT and FAISE FINCORRECT​

Answer 1

Answer:

1.cash journal

2.purchases journal

3.purchases journal

4.cash journal

5.purchases journal

6.purchases journal

7.sale journal

8.cash journal

9.purchases journal

10.cash journal

Explanation:

HOPE IT HELPS

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