for each of the postings to general ledger accounts listed below indicate the most c 611030

This exercise reviews general ledger accounts and postings to them from special journals.

A list of abbreviations and a list of postings to general ledger accounts (in random order) follow:

Abbreviations

S = Two-Column Sales Journal

CR = Multiple-Column Cash Receipts Journal

P = Single-Column Purchases Journal

CP = Multiple-Column Cash Payments Journal

GJ = Two-Column General Journal

Instructions

For each of the postings to general ledger accounts listed below, indicate the most common source of the posting. Use the appropriate abbreviations to indicate your answer for each. (Assume all purchases of merchandise inventory and sales are made on account. Assume a perpetual inventory system is in use.)

Postings to General Ledger Accounts

1. Debits to Merchandise Inventory

2. Credits to Sales

3. Debits to Accounts Payable

4. Credits to Accounts Payable

5. Debits to Cash

6. Credits to Cash

7. Debits to Accounts Receivable

8. Credits to Accounts Receivable

9. Credits to Interest Payable

10. Debits to Postage Expense

11. Debits to Wages and Salaries Expense

12. Debits to Depreciation Expense

13. Debits to Prepaid Insurance

14. Credits to Prepaid Insurance

15. Debits to Office Supplies on Hand

16. Credits to Office Supplies on Hand

17. Credits to Bank Loans Payable

18. Credits to Unearned Revenue

19. Debits to Unearned Revenue

20. Credits to Wages and Salaries Expense

21. Debits to Repairs Expense

22. Credits to Interest Revenue