Unformatted text preview: vomiting 'Pr‘aEiié‘é“ Short Exercises 85-1. Use the following abbreviations to indicate the journal in which you would record transactions a through 11.
J = General journal P = Purchases journal
S : Sales journal CP: Cash payments journal CR : Cash receipts journal Transactions: 3. Cash sale of inventory _ b. Payment of rent 0. Depreciation of computer equipment __ d. Purchases of inventory on account
__ e. Collection of accounts receivable
__ f. Expiration of prepaid insurance
3'. Sale on account ___ 11. Payment on account i. Cash purchase of inventory k. Prepayment of insurance
1. Borrowing money on a long-term note payable In. Purchase of equipment on account 11. Cost of goods sold along with a credit sale Exercises j. Collection of dividend revenue earned on an investment E6-1. Match account numbers from the list that follows to the accounts of Picasso Art Supplies. Inventory Paul Picasso, Withdrawals
Accounts Payable Sales Revenue
Paul Picasso, Capital Depreciation Expense continued... .. ...
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- Spring '11