Refer to the chapter’s opening feature about Aimi Duong and her company, Oimei Company. Her company deals with numerous suppliers and customers.
1. Identify the special journals that Oimei Company would be likely to use in its operations. Also identify any subsidiary ledgers that it would likely use.
2. Assume that Oimei Company hopes to double yearly sales within five years from its current $1 million annual amount. Assume that its sales growth projections are as follows.
Estimate Oimei Company’s projected sales for each year (round to the nearest dollar). If this pattern of sales growth holds, will Oimei Company achieve its goal of doubling sales in five years?