Given Below Are the Transactions for G

question 15

Essay

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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Definitions:

Received Utility Bill

An invoice received for the consumption of utility services such as electricity, water, or gas.

Increase Liabilities

This occurs when a company incurs more debts or obligations, leading to an uptick in the claims against its assets.

Borrowed Money

Funds that have been obtained through loans that are expected to be repaid with interest.

Increase Liabilities

The action or process resulting in a rise in the total amount of obligations or debts owed by a business.