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Read each transaction and identify the appropriate journal that it should be recorded in: 1....

Question:

Read each transaction and identify the appropriate journal that it should be recorded in:

1. Owner withdrew supplies

2. Sale made on account

3. Payment to vendor on account

4. Payment received from customer on account

5. Purchases on account

6. Adjusting journal entry for supplies used

7. Owner withdrew cash

8. Company borrows money from bank

9. Record monthly depreciation

10. Close revenue accounts at month end

Business Transactions:

Business transactions refer to all the activities done in an organization that affects the assets or liabilities of the organization. These transactions are records in the accounts such as journal account, a ledger account, and so on to maintain the evidence of the transaction that helps to analyze the growth of a business.

Answer and Explanation:

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Journal refers to the account under which all types of transactions are recorded in a single account, which further classified into different accounts...

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Business Transaction: Definition, Types & Analysis

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Chapter 1 / Lesson 5
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Understand the meaning of a business transaction in accounting, see some examples of a business transaction, and explore different types of business transactions.


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