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:

Games

Structured forms of play or competitive activities, typically undertaken for entertainment but can also be used in educational or therapeutic settings.

Life Position

A concept within Transactional Analysis referring to one's basic beliefs about self and others, which influences behavior and interactions.

"I'm OK - You're OK"

A book by Thomas A. Harris on transactional analysis that explores the dynamics of human relationships and the concept of life positions that influence social interactions.

Interpersonal Psychotherapy

A form of psychotherapy focusing on the relationships of the client and how they affect the person's current psychological problems.