Accounting Principles 12th Edition
Accounting Principles 12th Edition
12th Edition
ISBN: 9781119263111
Author: Kimmel, Kieso Weygandt
Publisher: WILEY
bartleby

Videos

Question
Book Icon
Chapter 7, Problem 7.4AP

(a)

To determine

Sales Journal: A sales journal is a special journal which records the credit sales transactions and the transactions which are of sales on account.

Purchases Journal: A purchases journal is a special journal which is made to record the credit purchases and the purchases made on the account in a business.

General Journal: A general journal is that journal which records those transactions which are not recorded in the special journal. The closing, correcting and adjusting entries are recorded in the general journal.

Cash Receipts Journal: A cash receipts journal is also referred to as a special journal. This special journal records all the cash collections made in the business. The cash collections are made from the customers and the creditors. As these collections are very frequent in the business, this special journal is prepared.

Cash Payments Journal: The cash payments journal is also referred to as a special journal. This special journal records all the payments made in cash and disbursements in the business. The cash payments are made in business for the purchases, expenses and for many other transactions. So, a special journal is prepared and the transactions are recorded in the special journal called as the cash payments journal.

To journalize: The transactions in the appropriate journal.

(b)

To determine

To prepare: The foot and cross-foot of all special journals.

(c)

To determine

The ledger account numbers and the check marks as needed in the journals.

Blurred answer
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License