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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 payments (CP), purchases (P), and general (G). 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.

Is it right ?

Clear All CP, subsidiary posting Paid for the equipment purchased on account CP, no subsidiary posting Purchased a computer for cash G, no subsidiary posting Purchased supplies on account P, subsidiary posting Recorded the adjustment for supplies used during the month