Types of Journal: There are two types of journal in which a transaction is reflected or recorded. The two types of journals are – • Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal • General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal. In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt. The format of sales journal is as follows – Sales Journal Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr. To prepare: Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

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Answer 1

Question

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

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Answer 2

Question

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

Answer 6

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

Answer 7

Chapter 7, Problem 1E

To determine

Concept Introduction:

Types of Journal: There are two types of journal in which a transaction is reflected or recorded.

The two types of journals are –

• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal

• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.

In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.

The format of sales journal is as follows –

Sales Journal

Date Account Debited Invoice Number PR Accounts receivables Dr. Sales Cr. Cost of Goods sold Dr. Inventory Cr.

To prepare:

Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - What are the five fundamental principles of...Ch. 7 - Prob. 4DQ Ch. 7 - Prob. 5DQ Ch. 7 - Prob. 6DQ Ch. 7 - Prob. 7DQ Ch. 7 - Prob. 8DQ Ch. 7 - Prob. 9DQ Ch. 7 - Prob. 10DQ

Sales Journal
Date	Account Debited	Invoice Number	PR	Accounts receivables Dr. Sales Cr.	Cost of Goods sold Dr. Inventory Cr.

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Chapter 7 Solutions