Response to the following :
Refer to Exercise and for each of the March transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal .
Exercise :
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of March.
Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.
5 Purchased $2,300 of merchandise on credit from Marsh Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2y10, ny30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $200 to R. Land for $320, terms ny30, invoice no. 5705.
16 Received $1,127 cash from J. Dryer to pay for the purchase of March 7.
19 Sold used store equipment for $900 cash to Malone, Inc.
25 Sold merchandise costing $350 to T. Burton for $550, terms ny30, invoice no. 5706.