Reference no: EM132784969

Elmira Company is a Merchandising company and has grown in size over the last few years and has decided to expand its Accounting System.

problem 1: For each of the following items, identify which Journal should be used to record the transaction:

1) Issued check #154 for $10,000 for payment of account payable.

2) Cash Sales for the month $6500.

3) Sold merchandise on account to XYZ Co $8,700: Terms 02/10 , N/30

4) Purchased merchandise on Account from Levi Jeans $18,000 terms 2/15, N/EOM

5) Recorded the year end Adjusting Entries.

6) Purchased supplies for cash $4,500.

8) Received Cash Payment from Customer $5,600.

9) Recorded the Book Adjustments from our December Bank Reconciliation.

10) Customer X returned $3,000 of defective merchandise for credit.