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(a) & (c)
Cash Receipts Journal
Cash receipts journal is used to record merchandise sales and service made in cash and collection of
Cash Payments Journal
Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.
Sales Journal
Sales journal records all the merchandise sales on credit. In a single column sales journal, debit aspect of accounts receivable and credit aspect of inventory are recorded, and then posted to individual subsidiary customer account.
Purchase Journal
Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account.
General Journal
It is a book where all the monetary transactions are recorded in the form of
To prepare: general ledger and make individual entries and totals to general ledger.
(b) & (c)
To journalize: the transactions in a cash receipt journal, cash payment journal, sales journal, purchase journal and general journal.
(d)
To prepare:
(e)
To Prove: the agreement of control account and subsidiary account balances.
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Chapter J Solutions
FINANCIAL ACCOUNTING-STD.WILEY PLUS
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- Need help with this question solution general accountingarrow_forwardSunshine Blender Company sold 7,000 units in October at a sales price of $40 per unit. The variable cost is $25 per unit. Calculate the total contribution margin. OA. $280,000 OB. $105,000 OC. $87,500 OD. $175,000arrow_forwardI want to correct answer general accounting questionarrow_forward
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