Question: For each transaction listed, identify the recording error and indicate the journal that should have been used. Transaction Recording a. Henry Associates paid $490 on

For each transaction listed, identify the recording error and indicate the journal that should have been used.

Transaction Recording a. Henry Associates paid $490 on account for an earlier Purchases journal purchase of merchandise inventory b. Recorded depreciation expense for the month. C. Collected interest revenue. d. Sold merchandise inventory on account. e. Issued check no. 535 for purchase of merchandise inventory. f. Returned damaged inventory that was purchased on account. g. Sold merchandise inventory for cash. Cash payments journal Cash receipts journal Cash receipts journal Purchases journal Purchases journal Sales journal

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