ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES
12th Edition
ISBN: 9781119145257
Author: Weygandt
Publisher: JOHN WILEY+SONS INC.CUSTOM
Question
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Chapter 7, Problem 7.1AP

(a)

To determine

Cash Receipts Journal: The cash receipts journal refers to a special journal. This special journal records all the cash collections and cash receipts in the business. The cash sales, purchases and the cash received in the business are those transactions which are very frequent. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash receipts journal.

To journalize: The transactions in the cash receipts journal.

(b)

To determine

To prepare: The account receivables control account and subsidiary accounts.

(c)

To determine

The balance agreement of the control account and the subsidiary account.

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