Journalize the following transactions in the accounts of Simmons Company:
Definitions:
Regulate Trade
The activity of controlling or governing trade between states or countries through laws and regulations to ensure fairness, efficiency, and safety.
Sugar Acts
Legislation passed by the British Parliament in the mid-18th century aimed at regulating the trade of sugar and molasses in the colonies.
Currency Acts
A series of laws enacted by the British Parliament in the 18th century to regulate the issuance and management of paper money by the American colonies.
Depressed Economy
A state of the economy characterized by high unemployment, low spending, and overall financial hardship.
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