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Silver Company Had the Following Transactions Use the Following Cash Payments Journal to Record the Preceding

question 146

Essay

Silver Company had the following transactions:
$\begin{array}{|l|l|}\hline\text { Jan } 4 & \text { Issued check no. } 430 \text { to purchase equipment for cash, } \$ 2,200 . \\\hline 19 & \text { Purchased merchandise inventory for cash, } \$ 400,1 \text { issuing check no. } 431 . \\\hline 19 & \text { Paid Kale Co amount owed, } \$ 1,025, \text { less } \$ 60 \text { discount. Issued check no. } 432 . \\\hline 27 & \begin{array}{l}\text { Issued check no. } 433 \text { to pay utilities, } \$ 210 . \text { The bill was just received, and there is } \\\text { no liability recorded. }\end{array}\\\hline\end{array}$
Use the following cash payments journal to record the preceding transactions.The company uses the perpetual inventory system.
$Silver Company had the following transactions: \begin{array}{|l|l|} \hline\text { Jan } 4 & \text { Issued check no. } 430 \text { to purchase equipment for cash, } \$ 2,200 . \\ \hline 19 & \text { Purchased merchandise inventory for cash, } \$ 400,1 \text { issuing check no. } 431 . \\ \hline 19 & \text { Paid Kale Co amount owed, } \$ 1,025, \text { less } \$ 60 \text { discount. Issued check no. } 432 . \\ \hline 27 & \begin{array}{l} \text { Issued check no. } 433 \text { to pay utilities, } \$ 210 . \text { The bill was just received, and there is } \\ \text { no liability recorded. } \end{array}\\ \hline \end{array} Use the following cash payments journal to record the preceding transactions.The company uses the perpetual inventory system.$

Definitions:

Voting Shares

Shares that give the shareholder the right to vote on company matters, such as electing the board of directors, at shareholder meetings.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operational costs, indicating its profitability over a specific period.

Securitization

The process of converting assets, often illiquid, into marketable securities.

Structured Entity

A legal entity with a specific purpose, restricted operations, and a limited scope of activities, often created for securitization, investment, or to hold assets.