INTRODUCTION The Fashion Rack has a monthly accounting period. The firm's chart of accounts is shown below. The journal used to record transactions are the sales journal, purchases journal, cash...

INTRODUCTION

The Fashion Rack has a monthly accounting period. The firm's chart of accounts is shown below. The journal used to record transactions are the sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Postings are made fro the journals to the accounts receivable ledger,accounts payable ledger, and general ledger. The employees are paid at the end of the month. A computerized payroll service prepares all payroll records and checks.