THANKS IN ADVANCE

Test II. Problem: Shown below is a page from a special journal. (30 points)

Date Sold To PR Accounts Receivable DR Cash Sales CR Sales CR

2011

May 17 Joy Gragasin / 30, 000 30, 000

18 Lourdes Sanchez 7, 000 7, 000

20 Marivic Cailao / 18, 000 18, 000

________ ________ _______ - 48, 000 7, 000 55, 000 = ======= ======== ======== = (24) ( /) (50)

Questions:

1. What kind of journal is this?

2. Give an explanation for transaction dated May 17 and May 18.

3. Explain the following:

a. The numbers under the bottom lines.

b. The check marks entered in the post reference columns.

c. The check marks under the bottom line.