Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal. Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually. Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account. Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account. To explain: The special journals required and their headings.

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Answer 1

Question

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

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Answer 2

Question

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

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Answer 3

Question

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

Answer 6

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

Answer 7

Chapter 7, Problem 7.2BYP

(a)

To determine

Special Journals: A special journal is prepared to record those transactions which are very frequent in the business. The special journals which are most commonly used are cash receipts, cash payments, sales and purchases journal.

Manual Accounting System: A manual accounting system refers to that system of accounting in which the steps of accounting like posting the transactions to the journal and ledger and preparing the financial statements are done manually.

Control Accounts: A control account is an account that is recorded in the general ledger and is a summary of all the records of the subsidiary ledger. The control account helps in verifying the balances of both ledgers of a particular account.

Subsidiary Accounts: These are the accounts which record the individual balances of those accounts which are also recorded in the general ledger. The subsidiary account provides the complete information of the account.

To explain: The special journals required and their headings.

Answer 8

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

Answer 9

(b)

To determine

To explain: The control and subsidiary accounts included in the company and the reasons for including it.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - 6. (a) When do companies normally post to (1) the...Ch. 7 - 7. Identify and explain the four special journals...Ch. 7 - 8. Kensington Company uses special journals. It...Ch. 7 - Prob. 9Q Ch. 7 - 10. Why would special journals used in different...

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To explain: The control and subsidiary accounts included in the company and the reasons for including it.

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