Accounting Principles - Standalone book
Accounting Principles - Standalone book
12th Edition
ISBN: 9781118875056
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
bartleby

Concept explainers

Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…
bartleby

Videos

Question
Book Icon
Chapter 7, Problem 7.6AP

(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 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 a special journal. This special journal record all the cash payments 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.

Subsidiary Ledger: The subsidiary ledger is that ledger which is prepared for support of the main ledger. It contains all the details of the individual account of that particular ledger.

Trial Balance: It is a statement in which all the balances of the ledger are shown in two columns individually which is debit and credit. The trial balance is that statement which is prepared to check that the books of accounts have any arithmetical error or not.

To prepare: The accounts in the general ledger and in the subsidiary ledger.

(b)

To determine

To prepare: The sales, purchases, cash receipts, cash payments and general journal and record the transactions into it.

(c)

To determine

To prepare: The accounts to be posted with the appropriate amounts in the general ledger.

(d)

To determine

To prepare: The trial balance at January 31, 2018.

(e)

To determine

The balance agreement of the control account and the subsidiary account.

Expert Solution & Answer
Check Mark

Want to see the full answer?

Check out a sample textbook solution
Blurred answer
Previous
Chapter 7, Problem 7.5AP
Next
Chapter 7, Problem 7.2BYP
Students have asked these similar questions
What was her capital gains yield? General accounting
L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine.  Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question:
What was her capital gains yield?

Chapter 7 Solutions

Accounting Principles - Standalone book

Ch. 7 - Prob. 1QCh. 7 - Prob. 2QCh. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 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. 9QCh. 7 - 10. Why would special journals used in different...
Ch. 7 - Prob. 11QCh. 7 - 12. One column total of a special journal is...Ch. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Prob. 7.5BECh. 7 - Prob. 7.6BECh. 7 - Prob. 7.7BECh. 7 - Prob. 7.8BECh. 7 - Prob. 7.9BECh. 7 - Prob. 7.10BECh. 7 - Prob. 7.1DIECh. 7 - Prob. 7.2DIECh. 7 - Prob. 7.3DIECh. 7 - Prob. 7.1ECh. 7 - E7-2 Presented below is the subsidiary accounts...Ch. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Prob. 7.5ECh. 7 - Prob. 7.6ECh. 7 - Prob. 7.7ECh. 7 - Prob. 7.8ECh. 7 - Prob. 7.9ECh. 7 - E7-10 Below are some typical transactions incurred...Ch. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - E7-13 Tresh Products uses both special journals...Ch. 7 - Prob. 7.14ECh. 7 - Prob. 7.1APCh. 7 - Prob. 7.2APCh. 7 - Prob. 7.3APCh. 7 - Prob. 7.4APCh. 7 - Prob. 7.5APCh. 7 - Prob. 7.6APCh. 7 - BYP7-2 Ermler & Trump is a wholesaler of small...Ch. 7 - BYP7-3 Jill Locey, a classmate, has a part-time...Ch. 7 - Prob. 7.4BYP
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
SEE MORE TEXTBOOKS
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License