Answer to Question #300877 in Accounting for Joel

Question

Happy House Bakeshop uses a cash receipts journal, a sales journal, purchases journal, cash disbursements journal, cash receipts journal, and a general journal. 

1. Identify which journal should be used to record each of the following transactions? 

A. Adjusting entry to record depreciation

B. Purchase of baking equipment on credit

C. Sale of merchandise on credit

D. Sale of merchandise for cash

E. Cash refund to a customer who returned a product that was purchased

F. Return of merchandise to a vendor that was damage

G. Payment of property taxes 

H. Purchase of a delivery van for cash

I. Purchase of merchandise on credit

2. Explain how special journals can benefit accounting personnel.

3. Explain what you have learned about companies using special journals.

4. What information covered in Unit 4 interest you most and why?

Answer 1

A. General Journal

B. General Journal

C. Sales Journal

D. Cash Receipts Journal

E. Cash Disbursements Journal

F. General Journal

G. Cash Disbursements Journal

H. Cash Disbursements Journal

I. Purchase Journal

2.Special journals handle specialized transactions such as cash receipts or sales. The usage of special journals greatly decreases the time necessary to record transactions and upload them to the ledgers.

3.Componies using special journal will benefit in the following ways;

•It keeps track of related entries in one diary.

•It makes entering transactions into the accounts a breeze.

•It lowers the likelihood of submitting errors.

•It allows for a more efficient division of labor.

•It gives you the total amount of similar transactions.

•It shows the sequence of similar transactions.

•It aids in the control of the ledger's accounts.

Recurring transactions are given precedence.

•It categorizes transactions into different journals.

•It keeps track of related entries in one diary.

4.please provide unit for 4 for me to answer this part.