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.

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128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…

Answer 1

Question

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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128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…

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Answer 2

Question

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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Answer 3

Question

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.

Expert Solution & Answer

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Answer 4

Question

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.

Expert Solution & Answer

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Answer 5

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.

Answer 6

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.

Answer 7

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.

Answer 8

(b).

To determine

Balance of the accounts payable control account.

Answer 9

(b).

To determine

Balance of the accounts payable control account.

Answer 10

(c)

To determine

The account in which posting is done.

Answer 11

(c)

To determine

The account in which posting is done.

Answer 12

(d)

To determine

The account of cash receipts journal in which the balance of accounts receivable is to be posted.

Answer 13

(d)

To determine

The account of cash receipts journal in which the balance of accounts receivable is to be posted.

Answer 14

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Answer 25

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 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. 9Q Ch. 7 - 10. Why would special journals used in different...

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Balance of the accounts payable control account.

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