Fundamental Accounting Principles -Hardcover
Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077862275
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
Question
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Chapter 7, Problem 4QS
To determine

Journal entry:

A journal entry is a standardized technique of recording business transaction in accountancy.

General Journal:

The transactions which are not recorded in the special journals namely, sales journal, purchase journal, cash receipt journal, and cash disbursement journal are recorded in the general journal.

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.

To determine:

Entries in the general journal and identification of transactions which are not recorded in the general journal

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