0
Can you record transactions in 2 journals Example Can sale of merchandise for cash be put in the cash receipts journal and the sales journal?
Wiki User
∙ 14y ago
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Why is the journal sub-divided?
When the size of business and number of transactions are large, recording of transactions in one journal will be inconvenient. It will also cause delay in collection and presentation of accounting information. Many of the transactions are repetitive in nature. If separate journals are maintained for recording transactions of a similar character, journalizing and posting will be easier and more convenient. For example, all cash transactions can be recorded in one ledger; all credit sales in another journal and so on.
When were receipts invented?
We don't know and we never will. Receipts have been used since language existed. Which is thousands and thousands of years ago. They were used in many business transactions in many cultures around the world, and were not always on paper. In Ancient Babylon, for example, business transaction receipts have been found by archaeologists written on clay tablets. While the clay was still wet, the buyer and seller both signed the tablet and added their fingerprint alongside their signature. (Yes, the Babylonians used fingerprints before we did in the Western world).
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
Can you discuss the separate entity assumption?
The Separate Entity Assumption states that business transactions are separate from the transactions of the owners. As an example, if the owner purchased an asset for personal use, the property is not an asset of the business.
Sales tax is a tax of?
Merchandise bought in state some states don't charge you Sales Tax but most do. Oregon for example doesn't.
Why is the journal sub-divided?
When the size of business and number of transactions are large, recording of transactions in one journal will be inconvenient. It will also cause delay in collection and presentation of accounting information. Many of the transactions are repetitive in nature. If separate journals are maintained for recording transactions of a similar character, journalizing and posting will be easier and more convenient. For example, all cash transactions can be recorded in one ledger; all credit sales in another journal and so on.
Why is journal sub divided?
When the size of business and number of transactions are large, recording of transactions in one journal will be inconvenient. It will also cause delay in collection and presentation of accounting information. Many of the transactions are repetitive in nature. If separate journals are maintained for recording transactions of a similar character, journalizing and posting will be easier and more convenient. For example, all cash transactions can be recorded in one ledger; all credit sales in another journal and so on.
Why is the journal sub divided?
When the size of business and number of transactions are large, recording of transactions in one journal will be inconvenient. It will also cause delay in collection and presentation of accounting information. Many of the transactions are repetitive in nature. If separate journals are maintained for recording transactions of a similar character, journalizing and posting will be easier and more convenient. For example, all cash transactions can be recorded in one ledger; all credit sales in another journal and so on.
When were receipts invented?
We don't know and we never will. Receipts have been used since language existed. Which is thousands and thousands of years ago. They were used in many business transactions in many cultures around the world, and were not always on paper. In Ancient Babylon, for example, business transaction receipts have been found by archaeologists written on clay tablets. While the clay was still wet, the buyer and seller both signed the tablet and added their fingerprint alongside their signature. (Yes, the Babylonians used fingerprints before we did in the Western world).
Can you givi me an example of merchandise transaction?
Buying a loaf of bread.
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
What is reporting in accounting?
Recording referes to the concept of just writing down any exchage of values in business (transactions) such as merchandise sold, it is recorded in a double entry sales where cash is debited and merchandise is credited. during classification, these transactions are classified in heads under "T Accounts" where all cash/other accounts which were debited/credited comes under one heading and shows the current position of cash/ other accounts these T Accounts are then summarized in steps in a more meaningful form to have a better view of progress of the business. example is p/l statements, balance sheet, etc
What does tin and antimony?
A 'white metal' used to line bearings in the main journals of the crankshaft of an engine for example
How can you get a written example of expository writing?
Ask a reference librarian to help you find samples from English journals.
What is vouchers in tally?
receipt voucher to enter all receipts of cash or bank example amount received from customers, capital introduced in to the business,loans taken, loans and advances refunded,commission,rent, dividend,interest income received,amount taken back from term deposit and amount received from the sale of fixed assets.
An example of a ruled tabulation with main headings?
Gross Receipts by Branch ($`000,000)Jan-marBranchesBarbadosGuyanaTrinidadJamaicaJan-mar31183926April-june35122320July-sept19341732Oct-dec22102919
Can you discuss the separate entity assumption?
The Separate Entity Assumption states that business transactions are separate from the transactions of the owners. As an example, if the owner purchased an asset for personal use, the property is not an asset of the business.
