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 a 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 adjusting entries are recorded in the general journal. Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared. Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal. To journalize: The transactions in the appropriate journal.

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Answer 1

Question

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

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Answer 2

Question

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

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Answer 3

Question

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

Answer 6

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

Answer 7

Chapter 7, Problem 7.4AP

(a)

To determine

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 a 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 adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

Answer 8

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

Answer 9

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

Answer 10

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

Answer 11

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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 prepare: The foot and cross-foot of all special journals.

The ledger account numbers and the check marks as needed in the journals.

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Chapter 7 Solutions