Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc. In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only. In cash disbursement journal, all types of cash payments are recorded. All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal. Requirement-1 To Prepare: We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

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Answer 1

Question

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

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(a3) Scenario 3: Copy of vendor invoice #332 for $70,000 received on April 11 showing terms of net 3/15 • Payment Voucher with the vendor name, the amount due, and terms with management approval • Copy of the remittance advice sent to the vendor showing #332 included in the payment to the vendor made on April 29 1. Would you enter accounting transactions? 2. If so, what accounting entries would you make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation > Debit Credit

Answer 2

Question

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

Answer 6

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

Answer 7

Chapter 7, Problem P7.25APGA

To determine

Concept Introduction:

Generally, Companies uses the double entry accounting system to record the accounting transactions. Under double entry accounting system there are various types of journal uses for recording of transactions. There are various special types of journal used to record the repetative transactions such as sales journal, purchase journal, cash receipt journal and cash disbursement journal etc.

In purchase journal, all transactions related to credit purchases are recorded. Cash purchase is recorded in cash disbursement journal only.

In cash disbursement journal, all types of cash payments are recorded.

All transactions other than recorded in sales journal, purchase journal, cash recipt journal and cash dibursement journal are recorded in general journal.

Requirement-1

To Prepare:

We have to prepare Purchase journal, Cash disbursement journal and general journal for Sparkling Lake Golf course from the transactions given.

Answer 8

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

Answer 9

To determine

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

Answer 10

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

Answer 11

To determine

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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

Requirement-2: To prepare: We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

Requirement-3: To prepare: We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.

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Chapter 7 Solutions

Requirement-2:

To prepare:

We have to prepare the total column of purchase journal, cash disbursement journal showing total debit and total credits calculated in requirement-1.

Requirement-3:

To prepare:

We have to post the journal entries to the respective journals prepared in requirement-1 & requirement-2.