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Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. The transactions completed by
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR), cash payments (CP. Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. Clear All Issued check for a payment on account CR, no subsidiary posting Issued check for salary CP, no subsidiary posting Issued check for purchase of supplies CP, subsidiary posting Received cash for a sale
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