A Company Records Its Transactions and Events in Four Special

question 85

Essay

A company records its transactions and events in four special journals and a general journal. The company completed the following transactions a through j. Identify the journal in which each transaction should be recorded.
a. Sold merchandise for cash. ________
b. Collected on a customer's account. ________
c. Paid the monthly electric bill. ________
d. Purchased office supplies on credit. ________
e. Sold merchandise on credit. ________
f. Paid a creditor on account. ________
g. Received returned merchandise for credit. ________
h. Purchased merchandise on account. ________
i. Received proceeds from a note issued to the bank. ________
j. Returned damaged merchandise to the supplier. ________

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Definitions:

Span of Control

The number of subordinates a manager or leader can effectively manage or control.

Formalization

The degree to which an organization formally documents its policies, procedures, job roles, and regulations in writing.

Decentralization

The distribution of decision-making powers and operational responsibilities away from a central authority to individual units or levels within an organization or system.

External Environment

All external forces or factors that impact an organization's performance, including competition, economy, laws, and social trends.