Circle the Correct Answer to Each Situation (B) a Single-Column Purchases Journal Will Be Used For

question 29

Short Answer

Circle the correct answer to each situation.
-(a) A sales journal will be used for:

$\begin{array}{llll} \text {Credit \quad Sales} & \text { Cash \quad Sales } &\text {Sales \quad Returns } \\\text {Yes \quad \quad No} &\text { Yes\quad \quad No} &\text { Yes \quad\quad No}\end{array}$
(b) A single-column purchases journal will be used for:

$\begin{array}{lcccc}\text { Cash \quad Purchases } & \text { Purchases \quad on Account } & \text { Purchase\quad Discounts } \\\text { Yes\quad \quad No } & \text { Yes \quad \quad No } & \text { Yes\quad \quad No}\end{array}$

(c) A multi-column purchases journal will be used for:

$\begin{array}{llll} &\text {Supplies Purchased}&\text {Equipment Purchased}\\\text {Cash Purchases} &\text { on Account } &\text { on Account } \\\text {Yes\quad \quad No} &\text { Yes \quad \quad No} & \text {Yes\quad \quad No}\end{array}$


(d) A cash payments journal will be used for:
$\begin{array}{lll} \text {Payments to} & \text {Purchases }&\text { Owner Cash } \\\text {Creditors} &\text { Discounts} & \text {Investment} \\\text {Yes\quad \quad No} &\text { Yes\quad \quad No }&\text { Yes\quad \quad No}\end{array}$



(e) A cash receipts journal will be used for:

$\begin{array}{lcccc} \text { Owner Cash }\\ \text {Withdrawals} & \text {Purchases Discounts } & \text {Cash Sales } \\\text {Yes\quad \quad No} & \text {Yes\quad \quad No} &\text { Yes\quad \quad No}\end{array}$

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Definitions:

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Tradable permits under regulatory systems designed to control and reduce pollution by giving companies a specific allowance for emissions; companies can buy or sell these allowances to meet environmental regulations.

Biodiesel

A renewable, biodegradable fuel made from vegetable oils, animal fats, or recycled restaurant greases for use in diesel engines.

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The cost per barrel of crude oil, influenced by global supply and demand, geopolitical events, and market speculation.

Energy Efficiency

Refers to using less energy to provide the same service or achieve the same level of function.