The questions to be answered are: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The questions to be answered are:
Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal
and a general journal. Indicate in which journals the following transactions are most likely to be
recorded.
a) Purchased inventories on credit
b) Sales of inventory on credit
c) Received payment of a customer's account
d) Payment of monthly rent by cheque
e) End of period closing entries
Transcribed Image Text:The questions to be answered are: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit b) Sales of inventory on credit c) Received payment of a customer's account d) Payment of monthly rent by cheque e) End of period closing entries
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