The Transactions Completed by Franklin Company During January, Its First $R$

question 42

Short Answer

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), cash payments (CP), revenue (R), purchases (P), and general (G). 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.
a. CR, no subsidiary posting
b. CP, no subsidiary posting
c. $R$ , no subsidiary posting
d. P, no subsidiary posting
e. $G$ , no subsidiary posting
f. CR, subsidiary posting
g. CP, subsidiary posting
h. R, subsidiary posting
i. P, subsidiary posting
j. G, subsidiary posting
-Issued check for a payment on account

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Definitions:

Heart Rate Monitors

Devices used to measure and record the heart rate, often used in fitness and medical applications to track cardiovascular health.

Produce and Sell

The process of creating goods or offering services and then offering them to consumers or other businesses in exchange for money.

Market Prices

The current prices at which goods and services are bought and sold in the marketplace, determined by the forces of supply and demand.

Influence

The ability to impact the nature, growth, or actions of an individual or object, or the impact that is made.