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(a)
Purchase Journal
Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account.
Sales Journal
Sales journal records all the merchandise sales on credit. In a single column sales journal, debit aspect of accounts receivable and credit aspect of inventory are recorded, and then posted to individual subsidiary customer account.
General Journal
It is a book where all the monetary transactions are recorded in the form of
To journalize: the transactions in a purchase journal.
(b)
To
(c)
To Prove: the agreement of control account and subsidiary account balances.
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Chapter J Solutions
FINANCIAL&MNGRL ACCT (LL)W//WILEYPLUS>C
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
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