Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 9DQ
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 77 Why not put both types of credits in the same column and save journal space?
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Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal Why not put both types of credits in the same column and save journal space?
Review the following transactions
Requirements
A (Click the icon to vicw the transactions )
1.
Prepare headings for a cash receipts journal. Jounalize the transactions that should be recorded in the cash
receipts journal
Total each column of the cash receipts journal
2.
Requirements 1 & 2. Prepare headings for a cash receipts journal. Journalize the transactions that should be recorded in the cash receipts journal. Total each column of the cash receipts journal. (If a box is not used in the journal leave the box empty, do not
select information and do not enter a zero. Abbreviations used Disc. = Discount, Acct = Accounts, Pay = Payable, Rec = Reccivable, Rev = Revenue, Oth = Other, COGS = Cost of Goods Sold, Mer = Merchandise, Inv. = Inventory, and Sis Dsc. Forf =
Sales Discounts Forteited.)
Cash Receipte Journal
Page
More info
PR
Feb. 1
Sold merchandise inventory on account, terms n/30, to Clara Co., $1,275. Cost of
SpOods, $010. Invoice no. 401.
Feb.
Feb. 6
Sold merchandise inventory…
write simple steps about the posting from a sales journal to an accounts receivable ledger?
Chapter 7 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3
Identifying the special journal of...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Exercise 7-2 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 3ECh. 7 - Exercise 7-4 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 5ECh. 7 - Exercise 7-6 Purchases journal P3 Gomez Company...Ch. 7 - Prob. 7ECh. 7 - Exercise 7-8 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 9ECh. 7 - Exercise 7-10 Purchases journal and error...Ch. 7 - Prob. 11ECh. 7 - Exercise 7-10
Posting to subsidiary ledger...Ch. 7 - Exercise 7-13 Days 'payable outstanding A1
The...Ch. 7 - Prob. 1APSACh. 7 - Prob. 2APSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1BPSBCh. 7 - Prob. 2BPSBCh. 7 - Prob. 3BPSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
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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
- You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forwardA journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?arrow_forwardDescribe the posting procedure for a cash payments journal with an Other Accounts Debit column and several special columns, including an Accounts Payable Debit column.arrow_forward
- Which of the following is not an advantage of the cash receipts journal? a. Transactions do not have to be posted on a regular basis. b. Transactions can be recorded on one line. c. Transactions involving debits to Cash are recorded in one place. d. Repetition in posting is eliminated. e. Special columns can be used for similar transactions.arrow_forwardYou just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forwardComplete the general ledger entries in the first picture using the transactions from the purchases and cash payments journal (in that order) in the second image. For accounts with a $0 balance after posting an event, enter a "0" on the normal side of the account. If a line is not used in the table, leave the line empty; do not select a label or enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal.arrow_forward
- A characteristic that all entries recorded in a cash receipts journal have in common is Select one:A. that they all represent collections from customersB. that they originate from the sales of merchandiseC. a debit to the cash accountD. a credit to the cash accountarrow_forwardA journal designated for entering only sales on account is called cash receipts journal cash payments journal sales journal general journalarrow_forwardWhich of the following types of transactions can be uploaded into QBO using the Receipt action. Select all that apply. Select one or more: a. Credit card receipts b. Bills c. Checks d. Invoices e. Depositsarrow_forward
- Which item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash receivedarrow_forwardIf a journal entry includes a debit or credit to the Cash account, it is most likely which of thefollowing?arrow_forwardHey what are the entries for the cash receipt journal and general journal.arrow_forward
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