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

question 186

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 an invoice to a customer

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Definitions:

Replacement Rate

The proportion of a person's pre-retirement income that is paid out by a pension program upon retirement.

Birthrate

The number of live births per thousand of the population in a specified area or time period.

Population

The total number of individuals or organisms of a particular species living within a specific area or region.

Cost Of Raising Children

The financial expenses associated with raising a child from birth to adulthood, including food, housing, healthcare, and education.