Requirement 1
General Journal: It is a book where all the monetary transactions are recorded in the form of journal entries on the date of their occurrence in a chronological order.
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, The Financial Chapters (Book & Access Card)
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