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3. A company uses a single column sales journal (S), a single-column purchases journal (Pl. a cash receipts journal (CR), a cash payments journal (CP),

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3. A company uses a single column sales journal (S), a single-column purchases journal (Pl. a cash receipts journal (CR), a cash payments journal (CP), and a general journal U). Indicate in which journal each of the following transactions would be recorded by placing the appropriate letter(s) in the blanks. (20%) 1. Paid salaries. Y 2. Returned a purchase, for credit. 3. Sold merchandise on credit. 4. Recorded accrued salaries. 5. Sold merchandise for cash. 6. Paid a note due at bank. 7. Purchased merchandise on credit. 8. Recorded closing entries. 9. Owner invested cash into the business, 10. Purchased equipment on credit

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