Abercrombie Company uses a periodic inventory system and four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August:
Record the above transactions in the appropriate journals below. Ignore transactions that should not be posted to the journals provided.
Definitions:
Bank Loan
A type of loan provided by banks to individuals or businesses with an agreement to repay the borrowed amount along with interest over a specified period.
Operating Activities
business activities directly related to producing and delivering goods and/or services, which are the primary source of revenue for the company.
Fixed Assets
Long-term tangible assets held for business use and not expected to be converted into cash in the upcoming year.
Borrowing
the act of obtaining funds from another party, often a financial institution, with the promise of repayment plus interest at a future date.
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