Journals: Journals are prepared to record business transactions. There are two types of journals: Special Journals: Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows: Sales journal Sales Return Journal Purchase journal Purchase return journal Cash receipts journal Cash payment journal General Journal: All the business transactions which do not belong to special journals, are recorded using General journal. General ledger: A general ledger contains the summarized information taken from its subsidiary ledgers. Subsidiary Ledger: A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger. Requirement-1: To identify: The balances listed in the accounts receivable subsidiary ledger

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Answer 1

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

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Students have asked these similar questions

In the first month of operations, the total of the debit entries to the cash account for Celtic Retailers amounted to $4,200, and the total of the credit entries to the cash account amounted to $2,900. What is the balance in the cash account at the end of the month?

Please provide the correct answer to this general accounting problem using valid calculations.

The company sells items for $25 each and uses a budgeted selling price of $25 per unit.

Answer 2

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Answer 6

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

Answer 7

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

Answer 8

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Answer 9

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 7 - Prob. 1QS Ch. 7 - Prob. 2QS Ch. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3 Identifying the special journal of...Ch. 7 - Prob. 6QS Ch. 7 - Prob. 7QS Ch. 7 - Prob. 8QS Ch. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QS

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