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 K’s account numbers and balances as of March 1, 2016.
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 C Solutions
Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
- Sondela Crafts is a small company that specialises in the manufacture of curios to customer specifications. The company recently opened a specialised unit that is dedicated to the manufacture of a curio piece popularly known as “Ilala”. The unit is staffed by manager and various sales personnel. The unit manager is remunerated on a fixed salary basis and the sales personnel receive a fixed salary plus commission. As part of a review of the first year of operations, the unit manager has provided you with the following information as part of an effort to assess the unit’s financial viability: Selling Price per unit R600 Variable manufacturing cost per unit R390 Facilities rental per annum R1 200 000 Salaries (excluding sales commissions) R4 000 000 The unit manager is unsure of how to deal with selling and administration expenses. She has extracted the following information from the…arrow_forwardGeneral accountingarrow_forwardPlease need answer the financial accounting questionarrow_forward
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