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CHAPTER 2 JOURNAL ENTRIES MEAN - THE NORMAL JOURNAL ENTRY LIKE HOW IT IS DONE NORMALLY LIKE THAT!

Problem 3: For each of the following transactions please indicate which of the five special journals should be used. Please use the following abbreviations: P=Purchases Journal CP=Cash Payments Journal S=Sales Journal CR=Cash Receipts Journal J=General Journal 1) Sold merchandise for cash, $250. 2) Issued a credit memo to a customer, $150 3) Bought supplies and will pay for them next month, $250. 4) Wrote off the account of Smith Company, $660. 5) Jones, the owner, made a withdrawal of $4,000. 6) Borrowed $10,000 from the bank via a Notes Payable 7) Recorded the accrual of salaries at the end of the year 8) Paid the monthly rent, $1,900. 9) Sold merchandise on account, $715. 10) Issued a cash refund to a customer for damaged returned merchandise, $215. Problem 4: 1) Received the rent bill, $1,900 and will pay it next week. 2) Received an advanced payment from a client, $2,500 3) The owner paid personal expenses from the business checking account, $5,200. 4) Purchased equipment on account, $2,750. 5) Received checks from clients for work done in a previous period, $770. Required: Make the necessary \"Chapter 2" journal entries for each of the above transactions