FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
15th Edition
ISBN: 9781265564483
Author: Wild
Publisher: MCG
Question
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Chapter 7, Problem 9E
To determine

Introduction:

Journals: Journals are prepared to record business transactions. There are two types of journals:

  1. Special Journals: Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

• Sales journal

• Sales Return Journal

• Purchase journal

• Purchase return journal

• Cash receipts journal

• Cash payment journal

  1. General Journal: All the business transactions which do not belong to special journals are recorded using General journal.

Requirement-1:

To determine: The type to journals to record the transactions

To determine

Requirement-2:

To determine: The procedure to discover the failure to record the cash discount in cash payment journal

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