Match the transactions below with the journal or ledger in which it would be entered. Monthly adjustment for supplies used Cash receipt posting to an individual customer account Record sale on account to customer Record purchase on account from vendor Record payment received from customer Record payment made to vendor Cash payment posting to an individual vendor account General journal Accounts receivable subsidiary ledger Revenue journal Purchases journal Cash receipts journal Cash payments journal Accounts payable subsidiary ledger Group of answer choices Monthly adjustment for supplies used

Matching transactions to journal or ledger:

1. Monthly adjustment for supplies used = General Journal

2. Cash receipt posting to an individual customer account  = Accounts Receivable subsidiary ledger

3. Record sale on account to customer = Revenue Journal

4. Record purchase on account from vendor = Purchases journal

5. Record payment received from customer = Cash Receipts Journal

6. Record payment made to vendor  = Cash Payments Journal

7. Cash payment posting to an individual vendor account = Accounts Payable subsidiary ledger

Explanation:

a. The general journal is used to record all kinds of transactions that occur on a daily, especially if the entity does not operate specialized journals like the Cash receipts, cash payments, purchases, and revenue journals.  It records both adjusting and non-adjusting entries.

b. Accounts receivable and payable subsidiary ledgers are used to record individual customers and suppliers transactions which had been recorded in total to the Accounts Receivable and Accounts Payable accounts (as controls) respectively and then enable individual records to be kept.

c. Revenue journal is a specialized journal for recording revenue on account for customers who buy on credit from the entity.  As a specialized journal, it usually have one amount column while the total is periodically posted to a control account in the general ledger with individual transactions posted to the subsidiary accounts receivable ledger.

d. Cash Receipts and Payments Journals are also specialized journals for recording receipts from customers and payments to suppliers of merchandise and services.  They are similar in outlook like the Revenue Journal.

e. Accounts Payable subsidiary ledger is a secondary ledger for recording individual suppliers' transactions, with their totals already posted to the general ledger (control account).  This ledger ensures the maintenance of individual suppliers' records in order to extract their individual balances.