Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed the following trans- actions a through h. Identify the journal in which each transaction should be recorded. e. Sold merchandise for cash. f. Purchased merchandise on credit. g. Purchased inventory for cash. h. Paid cash to a creditor. a. Sold merchandise on credit. b. Purchased shop supplies on credit. c. Paid an employee's salary in cash. d. Borrowed cash from the bank.

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.