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(a)
Sales Journal: A sales journal is a special journal which records the credit sales transactions and the transactions which are of sales on account.
Purchases Journal: A purchases journal is a special journal which is made to record the credit purchases and the purchases made on the account in a business.
General Journal: A general journal is that journal which records those transactions which are not recorded in the special journal. The closing, correcting and
Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.
Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash 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 appropriate journal.
(b)
To prepare: The foot and cross-foot of all special journals.
(c)
The ledger account numbers and the check marks as needed in the journals.
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Chapter 7 Solutions
ACCOUNTING PRINCIPLES-W/WILEYPLUS
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