The Transactions Completed by Franklin Company During January, Its First $R$

question 102

Short Answer

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR), cash payments (CP), revenue (R), purchases (P), and general (G). Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger.
a. CR, no subsidiary posting
b. CP, no subsidiary posting
c. $R$ , no subsidiary posting
d. P, no subsidiary posting
e. $G$ , no subsidiary posting
f. CR, subsidiary posting
g. CP, subsidiary posting
h. R, subsidiary posting
i. P, subsidiary posting
j. G, subsidiary posting
-Issued check for rent

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Definitions:

Poverty

The state of being extremely poor, leading to a lack of access to basic needs such as food, shelter, and clean water.

Mosquitoes

Flying insects known for their ability to feed on blood, acting as vectors for transmitting various diseases such as malaria and the Zika virus.

Malaria

A life-threatening disease caused by parasites that are transmitted to humans through the bites of infected mosquitoes, prevalent in tropical and subtropical regions.

Flies

Insects of the order Diptera, known for their ability to fly and often considered pests because some can spread diseases.