
(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 that 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
To journalize: The transactions in the purchases journal, a sales journal and a general journal.
(b)
To prepare: The general and subsidiary ledger accounts and then posting the transactions in it.
(c)
The balance agreement of the control account and the subsidiary account.

Want to see the full answer?
Check out a sample textbook solution
Chapter 7 Solutions
Accounting Principles, Volume 1: Chapters 1 - 12
- What does a ledger account represent? A) A detailed record of all business transactionsB) A summary of trial balancesC) An individual record for each accountD) The final balance of a financial statement Need help!arrow_forwardWhat is the primary purpose of accounting? A) To generate tax revenueB) To record, summarize, and report financial transactionsC) To determine the market value of assetsD) To manage payrollarrow_forwardWhat are the three main financial statements in accounting?arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





