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Concept explainers
Cash journal: In business, the cash transactions are broadly divided in two categories cash receipts and cash payments. As both these kinds of transactions occur frequently in the business, special journals are prepared for this, namely cash receipts journal and cash payments journal.
Cash receipts journal: A cash receipts journal is a special journal which records all the cash receipts in the business. The cash sales, cash purchases, and the cash collections are recorded in the cash receipts journal.
Cash payments journal: A cash payments journal is the special journal that records all the cash payments and the cash disbursements in the business.
To indicate: (a) The journal and (b) The columns in the journal used to record the transaction.
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Chapter 7 Solutions
Accounting Principles, Volume 1: Chapters 1 - 12
- A college's food operation has an average meal price of $9.20. Variable costs are $4.35 per meal and fixed costs total $95,000. How many meals must be sold to provide an operating income of $33,000? How many meals would have to be sold if fixed costs declined by 23%? (round to the nearest meal)arrow_forwardHiii tutor give me Answerarrow_forwardAnna company reported the following dataarrow_forward
- Use this information to determine the number of unitsarrow_forwardA firm has net working capital of $980, net fixed assets of $4,418, sales of $9,250, and current liabilities of $1,340. How many dollars worth of sales are generated from every $1 in total assets? Need answerarrow_forwardA firm has net working capital of $980, net fixed assets of $4,418, sales of $9,250, and current liabilities of $1,340. How many dollars worth of sales are generated from every $1 in total assets?arrow_forward
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