For Each of the Transactions Listed Below, Identify the Journal

question 79

Short Answer

For each of the transactions listed below, identify the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal.

---

Definitions:

Direct Method

A cash flow statement reporting approach that lists major payments and receipts of cash, providing a clear view of cash inflows and outflows.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in a net profit or loss.

Balance Sheet Accounts

Accounts that reflect the financial position of a company, including assets, liabilities, and shareholders' equity at a specific point in time.

Cash Paid

The outflow of cash for various purposes, such as paying for goods, services, labor, or settling debts.