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get which of the following journals is called an all-purpose journal from screen. Answer to: Which of the following journals is called an all-purpose journal? A) General journal B) Purchases journal C) Revenue journal D) Accounting journal... Business Which of the following journals is called an all-purpose journal? A) General journal B) Purchases...Which of the following journals is called an all-purpose journal? A) General journal B) Purchases... Question: Which of the following journals is called an all-purpose journal? A) General journal B) Purchases journal C) Revenue journal D) Accounting journal Accounting:Accounting is used to maintain proper books of accounts for all the financial transactions of the business which were then represented to the management and to the externals for substantial decision making purpose. Answer and Explanation:Become a Study.com member to unlock this answer! Create your account View this answer The correct option is (A) general journal. General journal is used to maintain a chronological record of all the transactions of an organization. It... See full answer below. Become a member and unlock all Study AnswersStart today. Try it now Create an account Ask a questionOur experts can answer your tough homework and study questions. Ask a question Search AnswersLearn more about this topic: What Is a General Journal in Accounting? - Definition, Format & Examples from Chapter 1 / Lesson 17 16K Learn about the general journal in accounting and see its use and purpose. Explore the format of journal entries and study a general journal accounting example. Related to this QuestionRelated Answers Related Lessons Related Courses In which journal would you record expiration of... In which journal would you record borrowing... Hassellhouf Company's trial balance at December... During Burns company's first year of... Explore our homework questions and answers libraryBrowse by subject स्रोत : study.com Accounting Quiz 5Start studying Accounting Quiz 5-7. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Accounting Quiz 5-75.0 2 Reviews 11 studiers in the last day Which of the following always recorded in the general journal? -rendering services for cash -purchases of supplies on account -rendering services on account -closing enteries Click card to see definition 👆 closing enteries Click again to see term 👆 Some of the more common subsidiary ledgers are: -Accounts Payable, Accounts Receivable, and Owner's Equity subsidiary ledgers. -Accounts Receivable and Accounts Payable subsidiary ledgers. -Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner's Equity subsidiary ledgers. -Cash and Owner's Equity subsidiary ledgers. Click card to see definition 👆 Accounts Receivable and Accounts Payable subsidary ledgers Click again to see term 👆 1/39 Created by zundui96 Terms in this set (39)Which of the following always recorded in the general journal? -rendering services for cash -purchases of supplies on account -rendering services on account -closing enteries closing enteries Some of the more common subsidiary ledgers are: -Accounts Payable, Accounts Receivable, and Owner's Equity subsidiary ledgers. -Accounts Receivable and Accounts Payable subsidiary ledgers. -Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner's Equity subsidiary ledgers. -Cash and Owner's Equity subsidiary ledgers. Accounts Receivable and Accounts Payable subsidary ledgers When posting a column total in the purchases journal, a credit should be posted to -Merchandise Inventory -Accounts Payable -Sales Returns and Allowances -Cash Accounts Payable The cash receipts journal will be used for all cash received When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n) Subsidiary Ledger Which of the following accounts normally has a subsidiary ledger? -capital stock -retained earnings -supplies -accounts payable accounts payable The subsidiary ledger that includes customer account activity is called the account receiveable ledger Which of the following journals is called an all-purpose journal? -General journal -Purchases journal -Revenue journal -Accounting journal General journal An "Accounts Receivable Subsidiary Ledger" report shows cash receipts by customer for a specified date range. A cash purchase of supplies should be recorded in the Cash Payments journal Which of the following transactions is recorded in the revenue journal? -sale of excess office equipment for cash -rendering services for cash -rendering services on account -sale of excess office equipment on account rendering service on account A cash investment made by the owner should be recorded on the cash receipt journal Services performed for cash should be recorded in the Cash receipt journal A withdrawal of cash made by the owner will be found in the cash payment journal At the end of the month, the total of the amount column of the revenue journal is posted as a debit to Accounts Receivable and a credit to Fees Earned Under the perpetual inventory system, all purchases of merchandise are debited to the account entitled Merchandise Inventory When comparing a retail business to a service business, the financial statement that changes the least is the Statement of Owner's Equity Where are selling and administrative expenses found on the multiple-step income statement? after gross profit The statement of owner's equity shows all the changes in the owner's capital as a result of net income, net loss, additional investments, and withdrawals Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a debit to Merchandise Inventory The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a single-step statement Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense? administrative expense A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is $650 Which account will be included in both service and merchandising companies closing entries? -Sales -Cost of Merchandise Sold -Purchase Discounts -Sales Returns and Allowances Sales When comparing a retail business to a service business, the financial statement that changes the most is the Income Statement When goods are shipped FOB destination and the seller pays the freight charges, the buyer makes no journal entry for the freight Anthony Company sold Madison Company merchandise on account FOB shipping point, 2/10, net 30, for $10,000. Anthony prepaid the $300 shipping charge. Which of the following entries does Anthony make to record this sale? स्रोत : quizlet.com Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders – Principles of Accounting, Volume 1: Financial Accounting39 DESCRIBE AND EXPLAIN THE PURPOSE OF SPECIAL JOURNALS AND THEIR IMPORTANCE TO STAKEHOLDERSThe larger the business, the greater the likelihood that that business will have a large volume of transactions that need to be recorded in and processed by the company’s accounting information system. You’ve learned that each transaction is recorded in the general journal, which is a chronological listing of transactions. In other words, transactions are recorded into the general journal as they occur. While this is correct accounting methodology, it also can create a cumbersome general journal with which to work and may make finding specific pieces of information very challenging. For example, assume customer John Smith charged an item for $100 on June 1. In the general journal, the company would record the following. This journal entry would be followed by a journal entry for every other transaction the company had for the remainder of the period. Suppose, on June 27, Mr. Smith asked, “How much do I owe?” To answer this question, the company would need to review all of the pages of the general journal for nearly an entire month to find all of the sales transactions relating to Mr. Smith. And if Mr. Smith said, “I thought I paid part of that two weeks ago,” the company would have to go through the general journal to find all payment entries for Mr. Smith. Imagine if there were 1,000 similar credit sales transactions for the month, each one would be written in the general journal in a similar fashion, and all other transactions, such as the paying of bills, or the buying of inventory, would also be recorded, in chronological order, in the general journal. Thus, recording all transactions to the general journal makes it difficult to find the particular tidbits of information that are needed for one of our customers, Mr. Smith. The use of special journal and subsidiary ledgers can make the accounting information system more effective and allow for certain types of information to be obtained more easily. Using General Ledger (Control) Accounts Here is the information from the accounts payable subsidiary ledger: What should the total be in the Accounts Payable Control Total? Here is the information from the accounts receivable subsidiary ledger. What should the total be in the Accounts Receivable Control Total? Solution Accounts Payable Control Total is: 1,362 + 4,468 + 8,167 = 13,997 Accounts Receivable Control Total is: 2,250 + 0 + 1,500 + 8,160 = 11,910 Special JournalsInstead of having just one general journal, companies group transactions of the same kind together and record them in special journals rather than in the general journal. This makes it easier and more efficient to find a specific type of transaction and speeds up the process of posting these transactions. In each special journal, all transactions are totaled at the end of the month, and these totals are posted to the general ledger. In addition, instead of one person entering all of the transactions in all of the journals, companies often assign a given special journal’s entries to one person. The relationship between the special journals, the general journal, and the general ledger can be seen in (Figure). Special and General. Transaction summaries form the special journals, and all transactions in the general journal are posted to the general ledger. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license) Most companies have four special journals, but there can be more depending on the business needs. The four main special journals are the sales journal, purchases journal, cash disbursements journal, and cash receipts journal. These special journals were designed because some journal entries occur repeatedly. For example, selling goods for cash is always a debit to Cash and a credit to Sales recorded in the cash receipts journal. Likewise, we would record a sale of goods on credit in the sales journal, as a debit to accounts receivable and a credit to sales. Companies using a perpetual inventory system also record a second entry for a sale with a debit to cost of goods sold and a credit to inventory. You can see sample entries in (Figure). Sales Journal. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license) Note there is a column to enter the date the transaction took place; a column to indicate the customer to whom the transaction pertains; an invoice number that should match the number on the invoice given (in paper or electronically) to the customer; a reference box that indicates the transaction has been posted to the customer’s account and can include something as simple as a check mark or a code that links the transaction to other journals and ledgers; and the last two columns that indicate the accounts and amounts debited and credited. स्रोत : opentextbc.ca What is the main purpose of journal?What Is the Difference Between a Journal and a Ledger?. What are the 4 commonly used journals?There are four journals specifically, which record transactions of a similar nature. Their name suggests the kind of transactions that we record in them. These journals are Sales journal, Cash receipts journal, Purchases journal and Cash disbursements journal.
Why is it called general journal?Journal (or General Journal)
The journal, also known as the general journal, is involved in the first phase of accounting because all transactions are recorded in it, originally in chronological order. This is why the general ledger is also called the original book of entries, chronological book, or daybook.
What is general journal with example?A general journal is an initial record-keeping that records all the transactions except those recorded in a specialty journal like a cash journal, purchase journal, etc. It states the transaction date, description, credit, and debit. read more information in a double bookkeeping system.
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Which of the following journals is called an all-purpose journal?
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