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 determine: We have to total each column of cash payment journal.

Question

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Answer 1

Question

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

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Answer 2

Question

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Expert Solution & Answer

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See solution

Answer 5

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Answer 6

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

Answer 7

Chapter 7, Problem S7.11SE

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 determine:

We have to total each column of cash payment journal.

Answer 8

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

Answer 9

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

Answer 10

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

Answer 11

To determine

Requirement 3:

To determine:

We have to open four column ledger accounts.

Answer 12

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Answer 13

To determine

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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 determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

Requirement 3:

To determine:

We have to open four column ledger accounts.

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Want to see the full answer?

Chapter 7 Solutions

Concept explainers

Videos

Requirement 2: To determine: We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

Requirement 3: To determine: We have to open four column ledger accounts.

Requirement 4: To determine: We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.

Want to see the full answer?

Chapter 7 Solutions

Requirement 2:

To determine:

We have to open four column accounts in the accounts payable subsidiary ledger- accounts payable king company.

Requirement 3:

To determine:

We have to open four column ledger accounts.

Requirement 4:

To determine:

We have to balance the accounts payable account in the general ledger with the total of balances in the accounts payable subsidiary ledger.