Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal. To journalize: The transactions in the cash payments journal.

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Answer 1

Question

Chapter 7, Problem 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

(b)

To determine

To prepare: The account payable 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 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

(b)

To determine

To prepare: The account payable 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 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

(b)

To determine

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

(c)

To determine

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

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

(b)

To determine

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

(c)

To determine

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

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

(b)

To determine

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

(c)

To determine

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

Answer 6

Chapter 7, Problem 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

Answer 7

Chapter 7, Problem 2PSA

(a)

To determine

Cash Payments Journal: The cash payments journal is a special journal. This special journal record all the cash payments and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the cash payments journal.

Answer 8

(b)

To determine

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

Answer 9

(b)

To determine

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

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

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Chapter 7 Solutions