Special Journals The following are several transactions of a company that uses special journals:
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Transaction |
Journal |
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1. Purchase of inventory for cash. |
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2. Sale of inventory on credit. |
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3. Payment of sales salaries. |
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4. Purchase of inventory on credit. |
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5. Sale of merchandise for cash. |
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6. Purchase of land by issuing note payable. |
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7. Collection of short term note receivable and related interest. |
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8. Return of defective inventory to supplier for credit to account. |
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9. Preparation of adjusting entries. |
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10. Purchase of equipment for cash. |
Required
In the space provided, indicate in which journal the transaction would be recorded using the codes: G for general journal, S for sales journal, P for purchases journal, CR for cash receipts journal, and CP for cash payments journal.