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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.

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To determine

Indicate the journal in which these transactions are recorded.

Explanation

Sales journal is a special accounting journal and it is also a prime entry book used to keep track of the sales. The sales journal is used to record the credit sales.

Purchase journal is a special accounting journal and it is also a prime entry which is used in an accounting system to keep track of the credit purchases.

Cash receipts journal: Cash receipts journal contains all transactions in which cash is received, or increased. When a cash receipts journal is used, all transactions in which cash is debited must be recorded in it. It may be used for a service as well as a merchandising business.

Cash payments journal is the special journal entry used to record all the transactions that cash goes out or decreases in the cash account. In the cash payment journal the transactions which are credit the cash must be recorded. This cash payment journal may be used for a service or merchandising business.

General journal: This is a journal used to record infrequent transactions like adjusting entries, closing entries, accounting errors, sale of assets, or bad debts expense...

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