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Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund in which the entry is recorded.
Control Account
An account used in the general ledger to summarize and keep track of transactions relating to a specific aspect of a company's finances, such as accounts receivable or payable.
General Ledger
A comprehensive record of all financial transactions within an organization, serving as the foundation for a company's financial statements.
Cash Payments Journal
A financial journal that records all cash outflows or payments made by a business, including expenses, debt payments, and purchases.
Credit To Cash
A transaction in accounting where a credit sale is paid off, converting receivables into cash.
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