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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

MacDonald Bookshop had the following transactions that occurred during February of this year:

images

Required

  1. 1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used.
  2. 2. If you are using Working Papers, total and rule the journal. Prove the equality of the debit and credit totals.

1.

To determine

Journalize the transactions using cash payments journal.

Explanation

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...

2.

To determine

Show the equality of the debit and credit totals.

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