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Refer to Exercise 7-1 and for each of the May transactions identify the journal in which...

Refer to Exercise 7-1 and for each of the May transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated in this chapter.

7-1 Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.

Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the May transactions that should be recorded in the sales journal.

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Answer #1

Journals

The different journals in which the given transactions would be recorded are described below:

• The sales journal would report the credit sales transactions of the company.

• The purchase journal would report the credit purchase transactions of the company.

• The cash receipts journal would report the cash received by the company.

• The cash disbursement journal would report the cash paid by the company.

• The general journal would report those transactions that are not reported in sales journal, purchase journal, cash receipts journal, and cash disbursement journal.

The names of journals along with the date of transactions are provided below:

Picture 1

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