Below Are Some Typical Transactions Incurred by Farley Company

question 44

Essay

Below are some typical transactions incurred by Farley Company.
1. Purchase of merchandise on account.
2. Collection on account from customers.
3. Payment of employee's wages.
4. Sales of merchandise for cash.
5. Close Income Summary to owner's capital.
6. Adjusting entry for depreciation on machinery.
7. Payment of creditors on account.
8. Purchase of office equipment on credit.
9. Sales discount taken on goods sold on credit.
10. Sales of merchandise on account.
11. Purchase of a delivery truck for cash.
12. Return of merchandise purchased on credit.
13. Payment of rent in advance.
14. Adjusting entry for accrued interest expense.
15. Purchase of office supplies for cash.
For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized.
CR - Cash Receipts Journal
CP - Cash Payments Journal
S - Sales Journal
P - Single-Column Purchases Journal
G - General Journal

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Definitions:

Avoidant Personality Disorder

A psychological condition marked by consistent social withdrawal, a sense of insufficiency, and an excessive sensitivity to critical judgment.

Social Anxiety Disorder

An anxiety disorder in which the individual experiences intense fear of public humiliation or rejection and therefore tends to avoid social situations.

Generalized Anxiety

A mental disorder characterized by persistent and excessive worry about a variety of things.

Obsessive-Compulsive Personality Disorder

A personality disorder characterized by a pervasive pattern of preoccupation with orderliness, perfectionism, and control, at the expense of flexibility, openness, and efficiency.