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Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries

Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 5PA: Brown Inc. records purchases in a purchases journal and purchase returns in the general journal....
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Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries
Transcribed Image Text:Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries
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