EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 7, Problem 1E
(a)
To determine
Special journal: Special journal are those journals which are used to record those transactions which occur the most in the business. The special journals differ according to the needs of the business. Commonly prepared special journals are sales journal, purchase journal, cash receipts journal and cash payments journal.
General journal: The general journal is the journal which is used to record the transactions which are not recorded in the special journal. The correcting, adjusting and closing entries are recorded in the general journal. The expenses are recorded in the general journal.
To determine: Balance of the accounts receivable control account.
(b).
To determine
Balance of the accounts payable control account.
(c)
To determine
The account in which posting is done.
(d)
To determine
The account of cash receipts journal in which the balance of accounts receivable is to be posted.
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Chapter 7 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 7 - Prob. 1QCh. 7 - Prob. 2QCh. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 7 - 6. (a) When do companies normally post to (1) the...Ch. 7 - 7. Identify and explain the four special journals...Ch. 7 - 8. Kensington Company uses special journals. It...Ch. 7 - Prob. 9QCh. 7 - 10. Why would special journals used in different...
Ch. 7 - Prob. 11QCh. 7 - 12. One column total of a special journal is...Ch. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 1BECh. 7 - Prob. 2BECh. 7 - Prob. 3BECh. 7 - Prob. 4BECh. 7 - Prob. 5BECh. 7 - Prob. 6BECh. 7 - Prob. 7BECh. 7 - Prob. 8BECh. 7 - Prob. 9BECh. 7 - Prob. 10BECh. 7 - Prob. 1DIECh. 7 - Prob. 2DIECh. 7 - Prob. 3DIECh. 7 - Prob. 1ECh. 7 - Prob. 8ECh. 7 - E7-10 Below are some typical transactions incurred...Ch. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - E7-13 Tresh Products uses both special journals...Ch. 7 - Prob. 14ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Prob. 3PSACh. 7 - Prob. 4PSA
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License