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

question 148

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
-Paid for the equipment purchased on account

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Definitions:

Incompetent Mitral Valve

A condition where the mitral valve in the heart does not close properly, leading to backward flow of blood from the left ventricle into the left atrium, affecting heart efficiency.

Left Atrium

The heart chamber that receives oxygenated blood from the lungs and pumps it to the left ventricle.

Mean Arterial Pressure

The average blood pressure in an individual's arteries during one cardiac cycle, essential for ensuring effective tissue perfusion.

Peripheral Resistance

Peripheral resistance is the resistance of the arteries to blood flow. As the arteries constrict, the resistance increases and blood pressure rises.