Read each transaction and identify the appropriate journal that it should be recorded in ;1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjusting journal entry for supplies used 7. Owner withdrew cash 8. Company borrows money from bank 9. Record monthly depreciation 10. Close revenue accounts at month end All answer would be 1 Cash disbursement journal 2cash receipts journal 3 general journal 4 purchase journal 5 sales journal

An inventory is the current asset of a company that the company sells to earn profits, this inventory is also called as stock and supplies sometimes. The inventory is presented in the financial statements in the Statement of financial position under the current asset's head.

4.

Cash Debit

Accounts Receivable Credit

5.

Purchases Debit

Account Payable Credit

6.

Work in process Debit

Supplies Credit

7.

Drawings Debit

Cash Credit

8.

Cash Debit

Loan Payable Credit

9.

Depreciation Expense Debit

Accumulated Depreciation Credit

10.

Revenue Debit

Income Statement Credit

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