Accounting Principles 12E WileyPLUS with Loose-Leaf Print Companion with WileyPLUS Leanring Space Card Set
Accounting Principles 12E WileyPLUS with Loose-Leaf Print Companion with WileyPLUS Leanring Space Card Set
12th Edition
ISBN: 9781119036395
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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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.

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128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…
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Chapter 7 Solutions

Accounting Principles 12E WileyPLUS with Loose-Leaf Print Companion with WileyPLUS Leanring Space Card Set

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
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