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ABC business reported the following events during the month of December 2022 . $ Dec...

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Accounting

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ABC business reported the following events during the month of December 2022 . $ Dec 1 Sold merchandise inventory for $40,000 cash. The inventory sold has a cost basis of $15,000. sal G jour Dec 4 Purchased $10,000 of merchandise inventory from EXTRA limited on account. Credit terms 2/10, n/30. Dec 6 Returned $2,000 of the merchandise purchased on Dec 4 . Dec 10 Sold merchandise inventory for $10,000 on credit. The inventory sold has a cost basis of $5,500. Required: ABC company uses the general journal, sales journal, purchases journal, cash receipt journal, and cash payment journal. 1) For each transaction above, indicate which special journal should ABC business use to record the transactions. (50\%) 2) Journalize the transactions that should be recorded in the cash payments journal. (50\%) Cash payment journal

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