Author Question: What are the four most commonly used special journals, and what are they used ... (Read 74 times)

ghost! · **on:** Jul 6, 2018

What are the four most commonly used special journals, and what are they used for?

Question 2

A government has claims and judgments outstanding at the beginning of 20X5 of 1,000,000 . These claims and judgments are expected to result in awards against the government of 800,000 .

75,000 of these claims are due and payable from General Fund net assets at December 31, 20X4 . At the end of 20X5, the government has claims and judgments outstanding of 2,000,000 . These claims and judgments are expected to result in awards against the government of 1,200,000 . None of these claims are due and payable from General Fund net assets at December 31, 20X5 . The government paid claims and judgments of 400,000 during 20X5 . General Fund expenditures for claims and judgments for 20X5 should be reported at what amount?
a. 325,000
b. 400,000
c. 725,000
d. 800,000

FergA · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

Sales journal Used to record sales of merchandise sold on account only.
Purchases journal Used to record purchases of merchandise purchased on account for resale only.
Cash receipts journal Used to record all transactions that include a debit to Cash, such as cash sales, checks received, or interest earned on a checking account.
Cash payments journal Used to record all transactions that include a credit to Cash, such as payments by check or bank service charges.

Answer to Question 2

A