Use the following abbreviations to indicate the journal in which you would record transactions a through n. a. Cash purchase of merchandise inventory
b. Collection of dividend revenue earned on an investment
c. Prepayment of insurance
d. Borrowing money on a long-term note payable
e. Purchase of equipment on account
f. Cost of goods sold along with a credit sale
g. Cash sale of merchandise inventory
h. Payment of rent
i. Depreciation of computer equipment
j. Purchase of merchandise inventory on account
k. Collection of accounts receivable
l. Expiration of prepaid insurance
m. Sale on account
n. Payment on account

Transactions     Appropriate Journal

a.                        Cash Payment Journal

b.                        Cash Receipt Journal

c.                        Cash Payment Journal

d.                        Cash Receipt Journal

e.                        General Journal

f.                         General Journal

g.                        Cash Receipt Journal

h.                        Cash Payment Journal

i.                          Adjusting Journal

j.                          Purchases Journal

k.                         Cash Receipt Journal

l.                          Adjusting Journal

m.                        Sales Journal

n.                         Cash Payment Journal

Explanation:

Journals are used to record transactions as they occur on a daily basis.  They are the first records made of transactions.  Journals indicate the accounts involved in each transaction.  They indicate the accounts to be debited and the accounts to be credited in accordance with the double entry system of accounting.

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