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.