Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
26th Edition
ISBN: 9781305392373
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
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Chapter 5, Problem 5.21EX
Cash receipts journal
The following cash receipts journal headings have been suggested for a small firm. List the errors you find in the headings.
CASH RECEIPTS JOURNAL | Page 12 | |||||
Date | Account Credited | Post. Ref. |
Fees Earned Cr. | Accts. Rec. Cr. |
Cash Cr. | Other Accounts Dr. |
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Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required.
CASH PAYMENTS JOURNAL
Page 46
Date
Ck.No.
Account Debited
Post.Ref.
OtherAccountsDr.
AccountsPayableDr.
Cash Cr.
20Y1
July 3
611
Energy Systems Co.
(a)
4,000
4,000
July 5
612
Utilities Expense
(b)
310
310
July 10
613
Prepaid Rent
(c)
3,200
3,200
July 16
614
Flowers to Go, Inc.
(d)
1,250
1,250
July 19
615
Advertising Expense
(e)
640
640
July 22
616
Office Equipment
(f)
3,600
3,600
July 25
617
Echo Co.
(g)
5,500
5,500
July 26
618
Office Supplies
(h)
250
250
July 31
619
Salaries Expense
(i)
1,750
1,750
July 31
9,750
10,750
20,500
(j)
(k)
(l)
Post reference represents:
a.
b.
c.
d.
e.
f.
g.…
The following cash receipts journal headings have been suggested for a small service
firm. List the errors you find in the headings.
CASH RECEIPTS JOURNAL
Page 12
Fees
Earned
Other
Accounts
Accts.
Rec.
Account
Post.
Cash
Date
Credited
Ref.
Cr.
Cr.
Cr.
Dr.
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal Why not put both types of credits in the same column and save journal space?
Chapter 5 Solutions
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQCh. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQCh. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQCh. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Prob. 5.3BPECh. 5 - Purchases journal The following purchase...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Segment analysis McHale Company does business in...Ch. 5 - Prob. 5.5BPECh. 5 - Identify postings from revenue journal Using the...Ch. 5 - Accounts receivable ledger Based on the data...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify transactions in accounts receivable...Ch. 5 - Prob. 5.6EXCh. 5 - Posting a revenue journal The revenue journal for...Ch. 5 - Accounts receivable subsidiary ledger The revenue...Ch. 5 - Revenue and cash receipts journals Transactions...Ch. 5 - Revenue and cash receipts journals Lasting Summer...Ch. 5 - Identify postings from purchases journal Using the...Ch. 5 - Identify postings from cash payments journal Using...Ch. 5 - Prob. 5.13EXCh. 5 - Prob. 5.14EXCh. 5 - Prob. 5.15EXCh. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Prob. 5.17EXCh. 5 - Prob. 5.18EXCh. 5 - Prob. 5.19EXCh. 5 - Prob. 5.20EXCh. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Prob. 5.23EXCh. 5 - Prob. 5.24EXCh. 5 - Prob. 5.25EXCh. 5 - Prob. 5.26EXCh. 5 - Prob. 5.27EXCh. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable subsidiary account,...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Prob. 5.1BPRCh. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Prob. 5.4BPRCh. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Manual vs. computerized accounting systems The...Ch. 5 - Accounts receivable and accounts payable A...Ch. 5 - Design of accounting systems For the past few...Ch. 5 - Communication Internet-based accounting software...
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- Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash Account ledger? Oa. Discount received O b. Rent OC. Purchases O d. Cash receivedarrow_forwardWhich of the following would not be an appropriate heading for a column in the cash receipts journal? Select one: A. Sales B. Cash C. Creditors D. Discount allowedarrow_forwardYou just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forward
- Which of the following is not an advantage of the cash receipts journal? a. Transactions do not have to be posted on a regular basis. b. Transactions can be recorded on one line. c. Transactions involving debits to Cash are recorded in one place. d. Repetition in posting is eliminated. e. Special columns can be used for similar transactions.arrow_forwardDescribe the posting procedure for a cash payments journal with an Other Accounts Debit column and several special columns, including an Accounts Payable Debit column.arrow_forwardTransactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forward
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