7. Why is it important to prove that eled in any of the special journals, in which 8. If a transiction cannot bed? journal will it be recorded? CASE STUDY: KBC DECORATING CO. FEBRUARY TRANSACTIONS In this chapter, you learned how to use special journals to record transactions and how to post from these special journals to the ledger accounts. KBC Decorating Co. will now begin using the following special journals: Sales Journal, Purchase Journal, Cash Receipts Journal, and Cash Payments Journal. The company also has ledger accounts for its regular customers (Accounts Receivable Ledget) and its suppliers (Accounts Payable Ledger). These ledger accounts are located immediately after the General Ledger accounts that you have already been using Set up the Sales Journal (page SJ1) with these headings: Date, Account Dt. Invoice No., Terms, Folio, Accounts Receivable Dr., Sales Paint \& Supplies C.. Sales Wallpaper Cr., and HST Payable Cr. Ser up the Purchase Journal (page PJ1) with these headings: Invoice Date, Account Cr., Invoice No., Terms, Folio, Accounts Payable Cr., Purchases Paint \& Supplies Dr., Purchases Wallpaper Dr., HST-ITC Dr., and Other Accounts Dr (with subheadings of Account Dr., Folio, and Amount). Set up a Cash Receipts Journal (page CR1) with these headings: Date, Account Cr, Memo, Folio, Accounts Receivable Cr., Sales Discounts Dr., Sales Paint \& Supplies Cr, Sales Wallpaper Cr, HST Payable Cr., General Ledger Cr, and Bank Dr. Set up a Cash Payments Journal (page CP1) with these headings: Date, Account Dr., Memo, Folio, Accounts Payable Dr., Purchase Discounts Cr. HST-ITC Dr., General Ledger Dr., Bank Cr., and Cheque No. (All payments will be by cheque unless otherwise stated.) Record each of the following transactions in the appropriate special journal. Be sure each transaction is recorded as a balanced entry. Post immediately any transaction affecting a customer's or a supplier's account. 20 - Feb, 1 Paid rent for February, $2,500 plus 13% HST. Issued Cheque #13. (Continue numbering cheques sequentially. All payments will be by cheque unless stated otherwise.) 7. Why is it important to prove that eled in any of the special journals, in which 8. If a transiction cannot bed? journal will it be recorded? CASE STUDY: KBC DECORATING CO. FEBRUARY TRANSACTIONS In this chapter, you learned how to use special journals to record transactions and how to post from these special journals to the ledger accounts. KBC Decorating Co. will now begin using the following special journals: Sales Journal, Purchase Journal, Cash Receipts Journal, and Cash Payments Journal. The company also has ledger accounts for its regular customers (Accounts Receivable Ledget) and its suppliers (Accounts Payable Ledger). These ledger accounts are located immediately after the General Ledger accounts that you have already been using Set up the Sales Journal (page SJ1) with these headings: Date, Account Dt. Invoice No., Terms, Folio, Accounts Receivable Dr., Sales Paint \& Supplies C.. Sales Wallpaper Cr., and HST Payable Cr. Ser up the Purchase Journal (page PJ1) with these headings: Invoice Date, Account Cr., Invoice No., Terms, Folio, Accounts Payable Cr., Purchases Paint \& Supplies Dr., Purchases Wallpaper Dr., HST-ITC Dr., and Other Accounts Dr (with subheadings of Account Dr., Folio, and Amount). Set up a Cash Receipts Journal (page CR1) with these headings: Date, Account Cr, Memo, Folio, Accounts Receivable Cr., Sales Discounts Dr., Sales Paint \& Supplies Cr, Sales Wallpaper Cr, HST Payable Cr., General Ledger Cr, and Bank Dr. Set up a Cash Payments Journal (page CP1) with these headings: Date, Account Dr., Memo, Folio, Accounts Payable Dr., Purchase Discounts Cr. HST-ITC Dr., General Ledger Dr., Bank Cr., and Cheque No. (All payments will be by cheque unless otherwise stated.) Record each of the following transactions in the appropriate special journal. Be sure each transaction is recorded as a balanced entry. Post immediately any transaction affecting a customer's or a supplier's account. 20 - Feb, 1 Paid rent for February, $2,500 plus 13% HST. Issued Cheque #13. (Continue numbering cheques sequentially. All payments will be by cheque unless stated otherwise.)
