A Company Records Its Transactions and Events in Four Special

question 43

Essay

A company records its transactions and events in four special journals and a general journal.The company completed the following transactions a through j.Identify the journal in which each transaction should be recorded.
a.Sold merchandise on account. __________________
b.Collected on a customer's account. __________________
c.Paid the monthly electric bill. __________________
d.Purchased office supplies on credit. __________________
e.Sold merchandise for cash. __________________
f.Paid a creditor. __________________
g.A customer returned merchandise for credit.__________________
h.Purchased merchandise on account. __________________
i.Received proceeds from a note issued to the bank.__________________
j.Returned damaged merchandise to the supplier.__________________

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Definitions:

Quantity Supplied

In economics, refers to the total amount of goods or services that producers are willing and able to sell at a given price within a specific time period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price, at a given moment.

Price Floors

Minimum legally allowed prices set above the equilibrium price, typically imposed by the government to ensure producers receive a fair wage.

Equilibrium Price

The cost at which the amount of a product consumers want to buy matches the amount producers are willing to sell, leading to a balanced market situation.