Read Each Transaction and Identify the Appropriate Journal in Which

question 33

Essay

Read each transaction and identify the appropriate journal in which it should be recorded.​
1. Owner withdrew supplies
2. Sale made on account
3. Payment to vendor on account
4. Payment received from customer on account
5. Purchases on account
6. Adjusting journal entry for supplies used
7. Owner withdrew cash
8. Company borrows money from bank
9. Record monthly depreciation
10. Close revenue accounts at month's end

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Definitions:

Capital Stock

The total amount of physical and financial assets owned by a business or economy, crucial for production capacity.

Business Income

Revenue derived from the operations of a business, typically consisting of the gross receipts or sales minus the cost of goods sold and other deductions.

Labor Demand

The complete number of employees that businesses aim to recruit at a specific salary level, during a specified time frame.

Low-wage Country

A Low-wage Country is one where the average remuneration for labor is significantly lower than that in developed countries, often leading to cost-focused offshoring by firms.