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Problem 1: Which journal(s) would be used to record the following transactions?
1. The cash payment of rent in advance.
2. The purchase of inventory on credit.
3. The purchase of office supplies on credit.
4. The sale of inventory on credit.
5. The sale of some pieces of office equipment on credit.
6. The collection of cash from a customer.
7. The return of part of the inventory purchased previously on credit from a supplier.
Multiple choice questions on partnership and fundamentals of accounts - extraordinary item on the income statement?
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