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COURSE

BUS 1102 – Basic Accounting

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The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals.

Please complete the following tasks: 

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?

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?

Be sure that your Learning Journal entry is a minimum of 500 words. Make sure you cite and reference your sources of information in the APA format.

SOLUTION 

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

Adjusting entry to record depreciation – General journal

Purchase of baking equipment on credit – General journal

Sale of merchandise on credit – Sales journal

Sale of merchandise for cash – Cash receipts journal

Cash refund to a customer who returned a product that was purchased – cash disbursements journal

Return of merchandise to a vendor that was damage – General journal

Payment of property taxes – Cash disbursements journal

Purchase of a delivery van for cash – cash disbursements journal

Purchase of merchandise on credit – purchases journal

2. Explain how special journals can benefit accounting personnel

A dedicated journal may be used in manual accounting and bookkeeping systems to avoid duplicating entries in a general journal for Dr/Cr general ledger accounts.……please click the icon below to purchase the solution at $10