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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only. In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

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Answer 1

Question

Chapter 7, Problem P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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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Answer 2

Question

Chapter 7, Problem P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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 3

Question

Chapter 7, Problem P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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 P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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 P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

To determine

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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 P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

Answer 7

Chapter 7, Problem P7.27BPGB

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 sales journal, all transactions related to credit sales are recorded. Cash sales is recorded in cash receipt journal only.

In cash receipt journal, all types of cash receipts 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 Sales journal, Cash receipt journal and general journal from the transactions given.

Answer 8

To determine

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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 sales journal, cash receipt 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

Expert Solution & Answer

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

Concept explainers

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Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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.

Want to see the full answer?

Chapter 7 Solutions

Concept explainers

Videos

Requirement-2: To prepare: We have to prepare the total column of sales journal, cash receipt 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.

Want to see the full answer?

Chapter 7 Solutions

Requirement-2:

To prepare:

We have to prepare the total column of sales journal, cash receipt 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.