
Concept explainers
Journals:
Journals are the books where all the original entries of business transactions are recorded on basis of its occurrence order and date.
Sales Journal:
The journal where all the credit sales of merchandise are recorded is called a Sales Journal.
Purchases Journal:
It is the journal where all the purchase on accounts or credit purchase of merchandise, supplies, equipment etc. are recorded.
Cash Receipts Journal:
Cash receipts journal records all type cash receipts of a business organization like cash sales, collections from debtors, loans and borrowings etc.
Cash Payment Journal:
The journal where all the cash payments are recorded is called a cash payment journal like cash purchases of equipment, supplies, inventories and payment to creditors.
To determine:
Identification of special journal for the following business transactions

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Chapter 7 Solutions
Fundamental Accounting Principles
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