For Each of the Following Transactions,state Which Special Journal Should

question 151

Essay

For each of the following transactions,state which special journal should be used to record the transaction.In addition,state which columns will be used.
Transaction 1: Freeworld Co.paid $1,500 for monthly utilities,on the date the bill was received.
Which special journal?
Which columns are used to record the transaction?
Transaction 2: Wideworld Co.purchased office supplies on account.
Which special journal?
Which columns are used to record the transaction?
Transaction 3: Wonderworld Co.sold $5,000 of merchandise inventory to A.Allen,on account.The cost of the merchandise inventory was $3,200.The company uses a perpetual inventory system.
Which special journal?
Which columns are used to record the transaction?
Transaction 4: Oneworld Co.borrowed $10,000 from World National Bank.
Which special journal?
Which columns are used to record the transaction?

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Definitions:

Cardiorespiratory Fitness

The ability of the heart, lungs, and vascular system to supply oxygen-rich blood to working muscles during sustained physical activity.

Oxygen-rich Air

Air that has a higher concentration of oxygen than is found at sea level, often used for therapeutic purposes or in high-altitude environments.

Lungs

Respiratory organs responsible for exchanging oxygen and carbon dioxide between the blood and the air.

American College Of Sports Medicine

A leading organization in sports medicine and exercise science, promoting and integrating scientific research to provide educational and practical applications of exercise science and sports medicine.