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 2. General Journal: All the business transactions which do not belong to special journals are recorded using General journal. Requirement-1: To determine: The total for each column of Cash Payment journal

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Answer 1

Question

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

To determine

Requirement -3:

To determine: The four column general ledgers

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

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Dina Co. manufactures fine dining tables. During the most productive month of the year, 3,500 tables were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 tables at a cost of $46,000. Using the high-low method of cost estimation, what is the total fixed costs in August for Dina? Solution

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Answer 2

Question

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

To determine

Requirement -3:

To determine: The four column general ledgers

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

To determine

Requirement -3:

To determine: The four column general ledgers

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

To determine

Requirement -3:

To determine: The four column general ledgers

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

To determine

Requirement -3:

To determine: The four column general ledgers

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

Answer 6

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

Answer 7

Chapter 7, Problem S7.11SE

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

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

Requirement-1:

To determine: The total for each column of Cash Payment journal

Answer 8

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

Answer 9

To determine

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

Answer 10

To determine

Requirement -3:

To determine: The four column general ledgers

Answer 11

To determine

Requirement -3:

To determine: The four column general ledgers

Answer 12

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

Answer 13

To determine

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QC Ch. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QC Ch. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QC Ch. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ

Requirement -2: To determine: The four column accounts payable subsidiary ledgers

Requirement -3: To determine: The four column general ledgers

Requirement -4: To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger

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Chapter 7 Solutions

Requirement -2:

To determine: The four column accounts payable subsidiary ledgers

Requirement -3:

To determine: The four column general ledgers

Requirement -4:

To determine: The total of balances in accounts payable subsidiary ledgers and accounts payable ledger