LO1 The types of special journals a business uses should depend on the types of transactions it has most frequently.

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Answer 1

Textbook Question

Chapter 12, Problem 1TF

LO1 The types of special journals a business uses should depend on the types of transactions it has most frequently.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

True

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

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1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to the Ledger?

Answer 2

Textbook Question

Chapter 12, Problem 1TF

LO1 The types of special journals a business uses should depend on the types of transactions it has most frequently.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

True

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

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Answer 3

Textbook Question

Chapter 12, Problem 1TF

LO1 The types of special journals a business uses should depend on the types of transactions it has most frequently.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

True

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

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Answer 4

Textbook Question

Chapter 12, Problem 1TF

LO1 The types of special journals a business uses should depend on the types of transactions it has most frequently.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

True

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

True

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

Answer 8

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

True

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify whether the given statement is true or false.

Answer 12

Answer to Problem 1TF

True

Answer 13

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

The major advantages of the use of special journals:

It helps to saving the record-keeping expenses, because it is used to record the single kind of transaction. For example, the business has many transactions in which cash is paid out for that the business will likely to use a special journal for recording cash payments.
It helps to reduce the record-keeping errors because it records a single kind of transaction which helps to identify the errors.

Hence, the given statement is true.

Answer 14

Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TF Ch. 12 - Prob. 3TF Ch. 12 - Prob. 4TF Ch. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...

LO1 The types of special journals a business uses should depend on the types of transactions it has most frequently.

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Answer to Problem 1TF

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