The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR), cash payments (CP. Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger.

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alizaybhatti43 alizaybhatti43 · Answer 1 · 2020-04-11T02:37:25+02:00

Answer:

Issued check for a payment on account CP, subsidiary posting

Issued check for rent CP, No subsidiary posting

Received cash for a sale CP, No subsidiary posting

Issued an invoice to a customer R, subsidiary posting

Purchased a computer for cash CP, subsidiary posting

Received a check from a payment on account CR, subsidiary posting

Purchased equipment on account P, subsidiary posting

Issued check for salary CP, No subsidiary posting

Issued check for purchase of supplies CP, No subsidiary posting

Issued check for advertising expense CP, No subsidiary posting

Paid for the equipment purchased on account CP, subsidiary posting

Recorded the adjustment for supplies used during the month G, Subsidiary posting

Purchased supplies on account P, subsidiary posting

tallinn tallinn · Answer 2 · 2022-03-25T10:10:35+01:00

When The transactions were completed by Franklin Company during January, Then Purchased supplies on account P, The subsidiary posting

When Issued check for a payment on account CP, subsidiary posting

Then Issued check for rent CP, No subsidiary posting

After that Received cash for a sale CP, No subsidiary posting

Then, Issued an invoice to a customer R, subsidiary posting

After that Purchased a computer for cash CP, subsidiary posting

Then Received a check from a payment on account CR, subsidiary posting

When Purchased equipment on account P, subsidiary posting

Then Issued check for salary CP, No subsidiary posting

Now, Issued check for the purchase of supplies CP, No subsidiary posting

Then Issued check for advertising expense CP, No subsidiary posting

Now we, Paid for the equipment purchased on account CP, subsidiary posting

After that Recorded the adjustment for supplies used during the month G, Subsidiary posting

Therefore, Purchased supplies on account P, subsidiary posting

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