Question
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) /Subsidiary or no suspidiary
cash payments (CP) /Subsidiary or no suspidiary
revenue (R) /Subsidiary or no suspidiary
purchases (P) /Subsidiary or no suspidiary
general (G) /Subsidiary or no suspidiary
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.
__ Issued check for a payment on account
__ issued check for rent
__ recieved cash for a sale
__ issued an invoice to a customer
__ purchased a computer for cash
__received a check from a payment on account
__ purchased equipment on account
__ issued check for salary
__ issued check for purchase of supplies
__ issued check for advertising expense
__ paid for the equipment purchased on account
__ recorded the adjustment for supplies used during the month
__ purchased supplies on account
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