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Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR= Cash receipts journal P = Purchases journal CP = Cash payments journal

Transactions: ___ a. Cash purchase of merchandise inventory ___b. Collection of dividend revenue earned on an investment ___ c. Prepayment of insurance ___ d. Borrowing money on a long-term note payable ___ e. Purchase of equipment on account __ f. Cost of goods sold along with a credit sale ___ g. Cash sale of merchandise inventory ___ h. Payment of rent


Answered 1 year ago
Answered 1 year ago
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In this exercise, we are asked to determine which journal is used to record each transaction.

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