Fiona Spottiswoode uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded:

1. Issue of shares for cash.

2. Purchased inventories on credit.

3. Cash purchase of inventories (cheque no. 32162).

4. Sale of marketable securities (shares) for cash.

5. Sales of inventory on credit.

6. Received payment of a customer’s account.

7. Received adjustment note for defective goods, which were purchased on credit and returned to the supplier.

8. Owner withdrew inventory for personal use.

9. Owner withdrew cash.

10. Payment of monthly rent by cheque.

11. Cash refund to a customer who returned inventory.

12. Year-end closing entries.