cash payment journal
cash payments journal
This should be recorded in the cash payment journal.
supplies cash
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Since the purchase of supplies are recorded on the books and still sitting down to be taken off. The entry would be Credit office supplies and Debit the Cash account.
cash payments journal
purchase of store supplies for cash
This should be recorded in the cash payment journal.
supplies cash
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Yes, the transaction of returning defective supplies and receiving a cash refund would typically be recorded in the Cash Receipts Journal. The entry would involve debiting the accounts payable or purchases returns account for the amount of the defective supplies and crediting the cash account for the amount of the refund received.
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
Liabilities were underrated
debit EXPENSES made from PCF (e.g. Misc. Expenses, Supplies Expense) credit CASH
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
If the company reimburses you: Dr. Office Supplies and Cr. Cash. If the company does not reimburse you: Dr. Office Supplies and Cr. Accounts Payable - Owner (if you will eventually be reimbursed) or Additional Paid-in Capital (if you will never be reimbursed)