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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
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), Revenue (R), Purchases (P), and General (G) ssume that it uses Accounts Receivable and Accounts Payable subsidiary Ledgers as well as a General Ledge Indicate by letters which journal would be used er. for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. a. Cash Receipts (CR) f Cash Receipts (CR), subsidiary posting b. Cash Payments (CP g. Cash Payments (CP), subsidiary posting c. Revenue (R) h. Revenue (R), subsidiary posting d. Purchases (P) i. Purchases (P subsidiary posting e. General (G j. General (G), subsidiary posting 41. Issued check for rent 42. Issued an invoice to a customer 43. Received a check from a customer for payment on account 44. Issued check for advertising expense 45. Issued check for a payment on account 46. Issued check for purchase of supplies 47. Purchased supplies on account 48. Purchased a computer for cash 49. Paid for the equipment purchased on account 50. Recorded the adjustment for supplies used during the month
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