Connect Access Card For Fundamental Accounting Principles
Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 7, Problem 10QS
To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

  1. Special Journals:

    Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

    • Sales journal
    • Sales Return Journal
    • Purchase journal
    • Purchase return journal
    • Cash receipts journal
    • Cash payment journal
  2. General Journal:

    All the business transactions which do not belong to special journals are recorded using General journal.

To prepare:

The Cash Payment Journal and journal entries for the Cash Payments recorded in the Cash Payment Journal

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Connect Access Card For Fundamental Accounting Principles

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