For Each of the Transactions Listed Below, Identify the Journal

question 22

Multiple Choice

For each of the transactions listed below, identify 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.

• A)CR for cash receipts journal
• B)CP for cash payments journal
• C)S for sales journal
• D)P for purchases journal
• E)G for general journal.

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Definitions:

Sever

To cut off or divide, often used in legal contexts to discuss separating parts of contracts or severing ties between entities.

Estate in Land

Refers to the degree, quantity, nature, and extent of interest a person has in real property.

Fee Simple

The most complete form of ownership of real estate, giving the holder full possession and control over the property.

Leasehold

An estate or interest in property held under a lease, granting the holder the right to use and occupy the property for a specified period under certain conditions.