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Concept explainers
A journal entry is a standardized technique of recording business transaction in accountancy.
General Journal:
The transactions which are not recorded in the special journals namely, sales journal, purchase journal, cash receipt journal, and cash disbursement journal are recorded in the general journal.
Sales Journal:
The journal where all the credit sales of merchandise are recorded is called a Sales Journal.
Purchases Journal:
It is the journal where all the purchase on accounts or credit purchase of merchandise, supplies, equipment etc. are recorded.
To determine:
Determine the journal entries for the transactions to be recorded in the general journal and identity the transactions that should be recorded in the special journal.
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Chapter 7 Solutions
Connect Access Card for Fundamental Accounting Principles
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- Pam Pet Foods Co. reported net income of $52,000 for the year ended December 31, 2005. January 1 balances in accounts receivable and accounts payable were $30,000 and $28,000, respectively. Year-end balances in these accounts were $27,000 and $31,000, respectively. Assuming that all relevant information has been presented, Pam's cash flows from operating activities would be__.arrow_forwardcan you please solve thisarrow_forwardAccounting 54arrow_forward
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