For Each of the Transactions Listed Below, Select the Journal

question 100

Multiple Choice

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.

• 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.

---

Definitions:

Make a Market

An action by a dealer or broker to provide liquidity for a particular asset by offering to buy or sell it at publicly quoted prices.

OTC Stocks

Stocks traded over-the-counter rather than on a centralized exchange, often involving smaller, less liquid securities.

Algorithmic Trading

The use of computer programs to make trading decisions.

High Frequency Trading

High Frequency Trading (HFT) involves using sophisticated technological tools and computer algorithms to trade securities on a rapid basis, often within milliseconds.