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:

Unfinished Modernity

A concept referring to the ongoing and incomplete process of societal transformation and adaptation inherent to modernization.

Jurgen Habermas

A German sociologist and philosopher known for his work on the theory of communicative action and the concept of the public sphere.

Life World

Life world references the everyday, lived experiences, social backgrounds, and personal perceptions from which individuals interpret and interact with the world.

Bureaucratic

Characterized by fixed official rules, a hierarchy of authority, and a clear division of labor, typical of large organizations.