FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 7, Problem 9DQ
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 77 Why not put both types of credits in the same column and save journal space?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Chapter 7 Solutions
FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 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. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 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. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 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. 1APSACh. 7 - Prob. 2APSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1BPSBCh. 7 - Prob. 2BPSBCh. 7 - Prob. 3BPSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
Knowledge Booster
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.Similar questions
- You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_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_forwardYou just posted a debit to Cash in the general ledger. 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
- Describe 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_forwardYou just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forwardYou just posted a credit to Sales and a debit to Cash. 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_forwardHow often do we post the cash column in the cash receipts journal to the subsidiary ledger?arrow_forwardIf a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?arrow_forward
- A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?arrow_forwardCan a sales journal be used to record sales on account and a cash sale? Why or why not?arrow_forwardAll sales, for cash or on credit, can be recorded in the general journal.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License