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Difference between a general journal and a specialized journal?
A general journal is uesd to record infrequent or nonroutine transactions, such as lan payments and end-of-period adjusting and closing entries. A specialized journal records large numbers of repetitive transactions such as sales, cash receipts, and cash disbursements.
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
In bookkeeping, what is the record of original entry?
The General Journal
If a company gives a director a loan of 15000 how do I record a general journal entry?
If a company gives a director a loam of 15000 you will record it on the debit section of the general journal entry.
Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Tax should be recorded in the general journal because it is an expense.
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
A sales return for credit on account would be recorded in what type of journal?
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
Do you only record credit transactions in general journal?
we can also record cash transactions too
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
Examples of Cash payments journal and Cash receipts journal?
What_is_a_cash_receipt_journalcash receipt journal is used to record money received by the business during calendar month as previously mentioned ,when money is received by the business for capital All cash payments made by the company.
