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if someone can help! I think I have an idea but still confused since there could be possibility of 2 options in the subledgers (i.e
if someone can help! I think I have an idea but still confused since there could be possibility of 2 options in the subledgers (i.e AR/MI) ! thank you for your help!!
Moore Corporation is a major distributor of office supplies. All sales are on terms 1i10, ni'lS. During March, the following selected transactions occurred. For each transaction, identify into which specialjournal it should bejournalized. Also indicate which subledgeris) is (are) affected. Use the list of codes to label your answers. Moore Corporation uses a perpetual inventory system. Special Journals Sales 5 Purchases P Cash receipts CR Cash disbursements CD General journal 6 | Subledgers Accounts receivable AR Accounts payable AP Merchandise inventory MI No effect HE Sold merchandise on credit. Defective merchandise sold on March '1 was returned by the customer. It was scrapped. Purchased ofce equipment on credit terms ni3i}. Received payment regarding the March 1 sale. Received a credit memo from the supplier regarding defective equipment purchased on March 3. Sold merchandise for cash. Purchased merchandise inventory on credit; terms 1i5, nf30. Paid the balance owing on the March 3 transaction. Purchased merchandise inventory for cash. Paid for the merchandise purchased on March 15. Sold old equipment for cash. March 30 Paid salaries for the month of March. March 30 Accrued utilities for the month of March. March 30 Closed the credit balance in the Income summary to capitalStep by Step Solution
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