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The transactions completed by Fraklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash
The transactions completed by Fraklin 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 subsidary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether and whether or not the entry requires a posting to a subsidiary ledger.
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