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2 June, 09:57

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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  1. 2 June, 11:20
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    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
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