Wilcox Electronics uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each transaction should be recorded. a. Sold merchandise on credit. e. Sold merchandise for cash. b. Purchased shop supplies on credit. f. Purchased merchandise on credit. c. Paid an employee’s salary in cash. g. Purchased inventory for cash. d. Borrowed cash from the bank. h. Paid cash to a creditor. (Page 278).

Answer and Explanation:

The sales journal records the sales transactions

The purchase journal records the purchase transaction

The cash receipts records that transactions in which cash is received

The cash payment records that transactions in which cash is paid

And, the general journal records the transactions related to adjusting entries, opening stock , etc

Based on this the identifications are as follows

a Sold merchandise on credit   =Sales journal

b. Purchased shop supplies on credit = Purchase journal

c. Paid an employee’s salary in cash = Cash payment journal

d. Borrowed cash from the bank= Cash receipt journal

e. Sold merchandise for cash =  Cash receipts journal

f. Purchase merchandise for cash = Cash payment journal

g. Purchased inventory for cash = Cash payment journal

h. Paid cash to a creditor = Cash payment journal

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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