BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
25th Edition
ISBN: 2818440044250
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 7, Problem 2E
Exercise 7-2 Identifying
ace 1
Refer to Exercise 7-1 and for each of the transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.
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MULTIPLE CHOICE
1. The entries in a purchases journal are posted to which of the following subsidiary ledger?
A. Accounts Receivable
B. Sales
C. Purchases
D. Accounts payable
2. The accounts payable ledger has posting from which of the following sets of journal?
A. Purchases, cash payments and general
B. Purchases, cash receipts and general
C. Purchases and sales
D. Cash payments and sales
record the following transactions in their corresponding journals
it could be in:
-sales journal
-cash receipts journal
-purchase journal
-cash payments journal
-general journla
Question 4
Explain briefly on the following:
i)
Sales Journal
ii)
Purchase journal
iii)
Cash receipts Journal
iv)
Cash payment Journal and iv) general Journal
Chapter 7 Solutions
BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
Ch. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3
Identifying the special journal of...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QS
Ch. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 15QSCh. 7 - Prob. 1ECh. 7 - Exercise 7-2 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 3ECh. 7 - Exercise 7-4 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 5ECh. 7 - Exercise 7-6 Purchases journal P3 Gomez Company...Ch. 7 - Prob. 7ECh. 7 - Exercise 7-8 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 9ECh. 7 - Exercise 7-10 Purchases journal and error...Ch. 7 - Prob. 11ECh. 7 - Exercise 7-10
Posting to subsidiary ledger...Ch. 7 - Exercise 7-13 Days 'payable outstanding A1
The...Ch. 7 - Prob. 14ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQCh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTN
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- Build journals below according to the transactions given 1. Purchase journal 2. Sales Journal 3. Return inwards journal 4. Return outwards journal 5. Cash receipts journal 6. Cash payment journal 7. General journalarrow_forwardMatch each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.arrow_forwardIdentify the special journal(s) in which the following column headings appear. Column Headings Special Journals a. Accounts Payable Dr. Purchases JournalCash Receipts Journal and Cash Payments Journal and Sales JournalCash Receipts JournalGeneral JournalCash Payments JournalCash Payments Journal and Sales JournalCash Receipts Journal and Purchases JournalSales Journal b. Cash Cr. Sales JournalCash Payments JournalCash Receipts Journal and Purchases JournalCash Receipts Journal and Cash Payments Journal and Sales JournalPurchases JournalGeneral JournalCash Receipts JournalCash Payments Journal and Sales Journal c. Inventory Cr. Cash Receipts Journal and Cash Payments Journal and Sales JournalGeneral JournalCash Receipts Journal and Purchases JournalPurchases JournalCash Receipts…arrow_forward
- Exercise 1: Match the special journal with its definition: Journals Definition 1. Purchases on account a. Cash Receipts Journal b. Cash Disbursement Journal 2. Sales on account 3. Cash paid by the company. 4. Cash Received by the company. c. Sales Journal d. Purchases Journal e. General Journal 5. Adusting, closing and returns.arrow_forwardPlease classify the following transactions into the 7 journals in accounting. General Journal Sales Journal Purchases Journal Return Inwards Journal Return Outwards Journal Cash Receipt Journal Cash Payment Journalarrow_forwardIdentify the special journal(s) in which the following column headings appear. Column Headings Special Journals a. Sales Discounts Dr. select a special journal Sales Journal and Cash Receipts JournalGeneral journalSales JournalCash Receipts JournalCash Payments JournalPurchases Journal b. Accounts Receivable Cr. select a special journal Cash Payments JournalCash Receipts JournalGeneral journalSales JournalSales Journal and Cash Receipts JournalPurchases Journal c. Cash Dr. select a special journal General journalCash Receipts JournalPurchases JournalSales Journal and Cash Receipts JournalSales JournalCash Payments Journal d. Sales Revenue Cr. select a special journal Sales JournalCash Payments JournalCash…arrow_forward
- In which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journalarrow_forwardFiner Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal.arrow_forwardMultiple choice 1. A list showing the amount due to each supplier as of a specified date is known as the A. Schedule of accounts receivable B. Trial balance C. Balance sheet D. Schedule of accounts payable 2. When purchasing merchandise for resale for cash, record the transaction in the A. Sales journal B. Cash receipts journal C. Cash payments journal D. Purchases journalarrow_forward
- 1-What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b. Accounts Receivable Dr. and Sales Cr c. Cash Dr. and Sales Cr d. Sales Dr. and Accounts Payable Crarrow_forwardBEJ-6 Identify the special journal(s) in which the following column headings appear. (a) Sales Discounts Dr. (d) Sales Revenue Cr. (e) Inventory Dr. (b) Accounts Receivable Cr. (c) Cash Dr. Identify transactions for special journals. (LO 2), Carrow_forwardProblem 7.4A Recording sales transactions, posting to the accounts receivable ledger, and preparing a schedule of accounts receivable. The Problem is attached.arrow_forward
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