Asked by Chasity Kleinsorge on Jun 20, 2024
Verified
Shown below is a page from a special journal.
1. What is the name of this journal?
2. Give an explanation for each of the transactions in this journal.
3. Explain the following:
(a) the numbers under the bottom lines.
(b) the checks entered into the Post. Ref. column.
(c) the numbers 113 and 416 in the Post. Ref. column.
(d) the (x) below the Other Accounts column. 11eb1392_1bea_af6a_8021_958fa69abcab
Special Journal
A specialized accounting journal designed to record and summarize specific types of transactions efficiently.
Post. Ref.
A reference column in a journal entry that indicates the ledger account number where the entry appears, aiding in the tracking of transactions.
- Achieve proficiency in understanding and applying the use of special and general journals for recording transactions.
- Appreciate the contribution and impact of special journals to the accounting system and their benefits for efficient processing.
Verified Answer
RT
Raynald ThomasJun 20, 2024
Final Answer :
1. Cash receipts journal.
2. May 27- Tony Karr has paid for merchandise previously purchased on account. He is paying within the discount period and taking the discount.
May 28- A note receivable has matured. Payment is received for the $5000 face value and $480 of interest revenue.
May 29- A cash sale of merchandise is made for $425. The cost of the merchandise sold was $250.
May 31- Jim Borke has paid $500 on account.
3. (a) The numbers in parentheses under the bottom line of the journal indicate that these column totals have been posted to the general ledger accounts with these account numbers.
(b) The check in the posting reference column of the journal indicated that the accounts receivable subsidiary account for that customer has been credited for the amount shown in the accounts receivable column of this journal.
(c) The 113 indicates that account No. 113 in the general ledger Notes Receivable has been credited for the $5000. The 416 indicates that account No. 416 in the general ledger Interest Revenue has been credited for $480.
(d) The (x) below the Other Accounts column indicates that this column total is not posted. All the amounts in this column have already been posted individually to the appropriate general ledger account.
2. May 27- Tony Karr has paid for merchandise previously purchased on account. He is paying within the discount period and taking the discount.
May 28- A note receivable has matured. Payment is received for the $5000 face value and $480 of interest revenue.
May 29- A cash sale of merchandise is made for $425. The cost of the merchandise sold was $250.
May 31- Jim Borke has paid $500 on account.
3. (a) The numbers in parentheses under the bottom line of the journal indicate that these column totals have been posted to the general ledger accounts with these account numbers.
(b) The check in the posting reference column of the journal indicated that the accounts receivable subsidiary account for that customer has been credited for the amount shown in the accounts receivable column of this journal.
(c) The 113 indicates that account No. 113 in the general ledger Notes Receivable has been credited for the $5000. The 416 indicates that account No. 416 in the general ledger Interest Revenue has been credited for $480.
(d) The (x) below the Other Accounts column indicates that this column total is not posted. All the amounts in this column have already been posted individually to the appropriate general ledger account.
Learning Objectives
- Achieve proficiency in understanding and applying the use of special and general journals for recording transactions.
- Appreciate the contribution and impact of special journals to the accounting system and their benefits for efficient processing.