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 receipt journal.

Question

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Answer 1

Question

Chapter 7, Problem S7.7SE

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 receipt journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

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 receivable account in the general ledger with the total of balances in the accounts receivable subsidiary ledger.

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Question 2 U. Richards does not keep his books on the double entry system. His bank summary amount for 2010 is as follows: Balance 1.1.2010 1890 Receipts from $44656 debtors Creditors Loan from U. Miller $2.000 Rates Rent Drawings Cash withdrawn from bank $540 0 Payment to Trade $316 95 2750 1316 3095 1642 Sundry Expense Records of cash paid were sundry $122, trade creditors $642. Cash sales amounted to cash drawings were $5289. The following information is also available: 31.12.201 31.12.2 0 011 Cash in hand $48 $93 Trade creditors $4896 $5091 Accounts Receivables 60 $71 13 32 Rent Owing $250 Rates in Advance $282 $312 Motor van (at valuation) 2800 2400 Stock 11163 13021 Required: A. Statement of Affairs. (to find opening capital as at 31.12.2010) B. Cash Account & Bank Account. C. Accounts Receivables & Accounts Payables Control A/Cs. D. Income Statement for the year ended 31 December 2011.

2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600. Self-Employment tax = $ 6,440.70 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400. Self-Employment tax = $ 30,294.00

Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable The Lexington Group Unadjusted Trial Balance May 31, 2016 Debit Balances Credit Balances 20,350 37,000 1,100 200 171,175 36,000 26,000 Common Stock 50,000 Retained Earnings 94,150 Dividends 15,000 Fees Earned 429,850 Wages Expense 270,000 Rent Expense 63,000 Advertising Expense 25,200 Miscellaneous Expense 5,100 608,125 636,000

Answer 2

Question

Chapter 7, Problem S7.7SE

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 receipt journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

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 receivable account in the general ledger with the total of balances in the accounts receivable subsidiary ledger.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem S7.7SE

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 receipt journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

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 receivable account in the general ledger with the total of balances in the accounts receivable subsidiary ledger.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem S7.7SE

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 receipt journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

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 receivable account in the general ledger with the total of balances in the accounts receivable subsidiary ledger.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem S7.7SE

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 receipt journal.

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

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 receivable account in the general ledger with the total of balances in the accounts receivable subsidiary ledger.

Answer 6

Chapter 7, Problem S7.7SE

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 receipt journal.

Answer 7

Chapter 7, Problem S7.7SE

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 receipt journal.

Answer 8

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

Answer 9

To determine

Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

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 receivable account in the general ledger with the total of balances in the accounts receivable subsidiary ledger.

Answer 13

To determine

Requirement 4:

To determine:

We have to balance the accounts receivable account in the general ledger with the total of balances in the accounts receivable 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

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Requirement 2:

To determine:

We have to open four column accounts in the accounts receivable subsidiary ledger- accounts receivable Dexter and Nord.

Requirement 3:

To determine:

We have to open four column ledger accounts.

Requirement 4:

To determine:

We have to balance the accounts receivable account in the general ledger with the total of balances in the accounts receivable 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 receivable subsidiary ledger- accounts receivable Dexter and Nord.

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

Requirement 4: To determine: We have to balance the accounts receivable account in the general ledger with the total of balances in the accounts receivable 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 receivable subsidiary ledger- accounts receivable Dexter and Nord.

Requirement 3:

To determine:

We have to open four column ledger accounts.

Requirement 4:

To determine:

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