- 48 Chapter 3 Review of a company's Accounting System 3-14 Special Journals The following are several transactions of a company that uses special journals: 3.10 Transaction Journal 1. Purchase of inventory for cash. 2. Sale of inventory on credit. w 3. Payment of sales salarios. Ow 4. Purchase of inventory on credit. 5. Sole of marchandise for cosh 6. Purchase of land by issuing note payable. 7. Collection of shortterm note receivable and related interest. B. Return of defective inventory to supplier for credit to account 9. Preparation of adjusting entries, 10. Purchase of oquipment for cash. Required: Indicate in which joumal the transaction would be recorded using the codes: G for general journal, S for sales journal, P for purchases journal, CR for cash receipts journal, and CP for cash payments journal