Question: Exercise: Assume that the company is using a system with five journals. Indicate in column 1, which journal should be used for each of the

Exercise: Assume that the company is using a system with five journals. Indicate in column 1, which journal should be used for each of the business transactions described. Use SJ for sales journal, CRJ for cash receipts journal, PJ for purchases journal, CDJ for cash disbursements journal, and GJ for general journal. In column 2, state the accounts to be debited, and in column 3, the account/s to be credited. Transactions Column 1 Column 2 Column 3 1.Borrowed cash from a bank signing a promissory note. 2.Purchased merchandise on account. 3.Issued check to creditors on account. 4.Issued invoice no. 8025 for sale on account of R. Angad Company 5.Issued a debit memo to SM Sales for defective merchandise returned

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