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#7. Phoenix Company made a Cash Sale to a Customer for $800 and its COGS for The merchandise was $420. Phoenix Company would record this Sale in which Special Journal ? A. The Sales Journal B. The Purchases Journal C. The Cash Receipts Journal D. The General Journal. #8. The Phoenix Company now decides to make a Purchase of Inventory from its Vendor, the Chandler Company. Phoenix pays for the Inventory with Cash. Where is it recorded? A. The Purchases Journal. B. The Sales Journal. C. The General Journal D. The Cash Disbursements Journal. #9. The Phoenix Company needs to borrow money from a Bank to build a new Office Headquarters. What do they sign to borrow the money and where do they record it? A. Note Payable and Recorded in the Cash Disbursements Journal. B. Note Payable and Recorded in the Cash Receipts Journal. C. Account Receivable and Recorded in the Sales Journal. D. Account Payable and Recorded in the Cash Receipts Journal. #10. Phoenix Company does not have many customers that are unhappy with its products and thus, it has very few Sales Returns & Allowances every year. On the rare occasion that that a customer returns an item, in which journal do they record the Return ? A. The Sales Returns & Allowances Journal. B. The Cash Disbursements Journal. C. The General Journal. D. The Sale Journal