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Requirement 1
General Journal: It is a book where all the monetary transactions are recorded in the form of
Special Journal: It is a book where only specific type of monetary transactions such as cash receipts, cash payments, credit sales, and credit purchases are recorded.
Purchase Journal: Special Journal is a book where only specific type of monetary transactions such as cash receipts, cash payments, credit sales, and credit purchases are recorded. Purchases journal records credit purchases transactions.
Sales Journal: It is a special book where only sales transactions that are sold to customer on credit are recorded.
Cash Receipts Journal: It is a special book where only cash receipts transactions that are received from customers or other sources are recorded.
Cash Payments Journal: Cash payment journal is a form of special journal book which records the cash payments transactions which are being paid to suppliers or other sources.
To open: Four - column general ledger accounts using A’s account numbers and balances as of March 1, 2018.
Requirement 2
To open: Four-column accounts in the subsidiary ledgers with beginning balances.
Requirement 3
To enter: The transactions in a sales journal (page 8), a cash receipts journal (page 3), a purchases journal (page 6), a cash payments journal (page 9), and a general journal (page 4)
Requirement 4
To post: The accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.
Requirement 5
To total: The debit and credit column’s of the sales journal.
Requirement 6
To prepare:
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Chapter B Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition (6th Edition)
- The drawing account should be used to show: a. the amount the owner has invested in the business. b. the amount the owner has taken out of the business. c. the amount the business has earned. d. the amount the business has spent.arrow_forwardAnswer? ? Financial accounting questionarrow_forwardnonearrow_forward
- Consider the following event: Creditor takes stock in the company in exchange for retiring debt. Which of the following combination of changes in the accounting equation describes the given event? a. Liabilities decrease; Owners' equity increase b. Assets decrease; Liabilities decrease c. Assets decrease; Owners' equity decrease d. Assets increase; Assets decrease e. Assets increase; Liabilities increase f. Assets increase; Owners' equity increasearrow_forwarddo fast answer of this accounting questionarrow_forwardI want to this question answer general Accountingarrow_forward
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