
Concept Introduction:
Types of Journal: There are two types of journal in which a transaction is reflected or recorded.
The two types of journals are –
• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal
• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.
In a cash receipts journal, all the transactions related to cash receipts are recorded in the cash receipts journal and all the cash sales are also recorded in the cash receipts journal since it will be considered as cash receipt.
The format of Cash Receipts journal is as follows –
Cash Receipts Journal | ||||||
Date | Account Credited | Cash Dr | Sales Discount Dr. | Accounts receivables Cr. | Sales Cr. | Other Accounts Cr. |
To prepare:
Headings for cash receipts journal and Journalize the November Transactions that should be recorded in the cash receipts journal
Cash Receipts Journal | ||||||
Date | Account Credited | Cash Dr | Sales Discount Dr. | Accounts receivables Cr. | Sales Cr. | Other Accounts Cr. |
Nov-09 | Notes Receivables | 3,750 | 0 | 0 | 0 | 3,750 |
Nov-13 | J. Ali, Capital | 5,000 | 0 | 0 | 0 | 5,000 |
Nov-18 | Sales | 330 | 0 | 0 | 330 | 0 |
Nov-27 | J. Than | 980 | 20 | 1,000 | 0 | 0 |

Want to see the full answer?
Check out a sample textbook solution
Chapter 7 Solutions
Fundamental Accounting Principles -Hardcover
- Parker Manufacturing calculates its predetermined overhead rate annually based on direct labor-hours. At the beginning of the year, the company estimated that 40,000 direct labor-hours would be required for production. The estimated fixed manufacturing overhead was $720,000, and the estimated variable manufacturing overhead was $4.50 per direct labor- hour. What is the predetermined overhead rate per direct labor-hour? (Round your answer to two decimal places.)arrow_forwardDelta Industries has an operating leverage of 3.8. If the company's sales increase by 10%, by approximately how much should its net operating income increase? a) 10.0% b) 26.3% c) 38.0% d) 3.8%arrow_forwardDuring its first year, Maple Ltd. reported a $25 per-unit profit under absorption costing but would have reported $12,000 less profit under variable costing. Suppose production exceeded sales by 400 units, and an average contribution margin of 60% was maintained. a) What is the fixed cost per unit? b) What is the sales price per unit? c) What is the variable cost per unit? d) What is the unit sales volume if total profit under absorption costing was $250,000?arrow_forward
- A firm has a market value equal to its book value. The firm has excess cash of $1,000, other assets of $6,500, and equity of $7,500. The firm has 750 shares of stock outstanding. The firm has decided to spend half of its excess cash on a share repurchase program. How many shares will be outstanding after the repurchase is completed?arrow_forward?? Financial accounting questionarrow_forwardWhat is the variable costing unit product costarrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





