Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal. To journalize: The transactions in the cash receipts journal.

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Answer 1

Question

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

(c)

To determine

The balance agreement of the control account and the subsidiary account.

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Answer 2

Question

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

(c)

To determine

The balance agreement of the control account and the subsidiary account.

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Answer 3

Question

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

(c)

To determine

The balance agreement of the control account and the subsidiary account.

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Answer 4

Question

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

(c)

To determine

The balance agreement of the control account and the subsidiary account.

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Answer 5

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

(c)

To determine

The balance agreement of the control account and the subsidiary account.

Answer 6

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

Answer 7

Chapter 7, Problem 1PSA

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

Answer 8

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

Answer 9

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

Answer 10

(c)

To determine

The balance agreement of the control account and the subsidiary account.

Answer 11

(c)

To determine

The balance agreement of the control account and the subsidiary account.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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...

To prepare: The account receivables control account and subsidiary accounts.

The balance agreement of the control account and the subsidiary account.

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Chapter 7 Solutions