
Concept explainers
(a)
Special journal: Special journal are those journals which are used to record those transactions which occur the most in the business. The special journals differ according to the needs of the business. Commonly prepared special journals are sales journal, purchase journal, cash receipts journal and cash payments journal.
General journal: The general journal is the journal which is used to record the transactions which are not recorded in the special journal. The correcting, adjusting and closing entries are recorded in the general journal. The expenses are recorded in the general journal.
To determine: Balance of the
(b).
Balance of the accounts payable control account.
(c)
The account in which posting is done.
(d)
The account of cash receipts journal in which the balance of accounts receivable is to be posted.

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Chapter 7 Solutions
Accounting Principles, Volume 2: Chapters 13 - 26
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