7. Use the following abbreviations to indicate the journal in which you would record transactions (1) to (14). (7 marks)

S = Sales journal CR = Cash receipts journal P = Purchase journal CP = Cash payments journal

J = General journal

Your answer	Transactions
	1	Cash purchase of inventory
	2	Collection of dividend revenue earned on an investment
	3	Prepayment of insurance
	4	Borrowing money on a long-term bill payable
	5	Purchase of equipment on credit
	6	Cost of sales along with a sale on credit
	7	Cash sale of inventory
	8	Payment rent
	9	Depreciation of computer equipment
	10	Purchase of inventory on credit
	11	Collection of accounts receivable
	12	Expiration of prepaid insurance
	13	Sale on credit
	14	Payment on credit