Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction: • Date • Invoice Number • Customer account debited • Post. Ref. • Accounts Receivable Debit and Sales Revenue Credit • Cost of Goods sold Debit Merchandise Inventory Credit Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction: • Date • Account credited • Post. Ref. • Cash Debit • Sales Discount Debit • Accounts Receivable Credit • Sales Revenue Credit • Other accounts Credit • Cost of Goods sold Debit Merchandise Inventory Credit To identify: The missing information in the cash receipts journal using the sales journal given.

Question

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Answer 1

Question

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

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Answer 2

Question

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

Answer 6

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

Answer 7

Chapter 7, Problem E7.16E

To determine

Concept Introduction:

Sales Journal: Sales journal is prepared to record the on account or credit sales. The journal usually has following columns to record the transaction:

• Date

• Invoice Number

• Customer account debited

• Post. Ref.

• Accounts Receivable Debit and Sales Revenue Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

Cash Receipts Journal: Cash Receipts journal is prepared to record all the receipts of cash. This journal usually has following columns to record the transaction:

• Date

• Account credited

• Post. Ref.

• Cash Debit

• Sales Discount Debit

• Accounts Receivable Credit

• Sales Revenue Credit

• Other accounts Credit

• Cost of Goods sold Debit Merchandise Inventory Credit

To identify: The missing information in the cash receipts journal using the sales journal given.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QC Ch. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QC Ch. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QC Ch. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ

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Chapter 7 Solutions