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For each of the transactions listed below, select the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal.
-Returned some damaged merchandise to a supplier and received a credit memorandum.
Business For Profit
An organization engaged in commercial, industrial, or professional activities with the aim of generating income exceeding expenses.
Mutual Agency
A principle in partnership where each partner is authorized to act on behalf of the partnership and bind it with their actions.
Entire Partnership
A term not typically used specifically in accounting or law; likely refers to considering all aspects or the full extent of a partnership.
Income-Sharing Ratio
The proportionate distribution of income or profits among participants, typically in a partnership or collaborative venture.
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