Business Accounting and Bookkeeping
Accounts Payable
Accounts Receivable

What goes in a Cash payment journal?


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Wiki User
2012-02-15 17:45:33
2012-02-15 17:45:33

All cash payments made by the company.


Related Questions

a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions

[Debit] Down payment xxxx [Credit] cash xxxx

1 - Sales Journal 2 - Purchase Journal 3 - Cash Receipt Journal 4 - Cash Payment Journal 5 - General Journal

Debit down paymentCredit 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.

Following are four special journals in accounting: 1 - Sales Journal 2 - Purchase journal 3 - Cash receipt journal 4 - Cash payment journal

Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.

This should be recorded in the cash payment journal.

[Debit] Gratuity [Credit] Cash / bank

Debit advance payment for assetCredit cash / bank

Debit Cash dividend xxx credit cash / bank xxxx

Debit cash / bankCredit accounts receivable

Debit accounts payableCredit cash /bank

debit cash / bankcredit unearned revenue

Are the payment for cash(people who came and buy for cash ) Any entry can be posted into the general journal. It is really messy and long to post the stuff in the sales, sales returns and allowances, purchases and purchases returns and allowances jounal into the general jounal so those journals are created to make things easier. So basically, any entries that are posted to the cash payments journal can be posted to the general journal.

if cash received then cash is debit while if cash is paid then cash is credit with other account towards which payment made or amount received.

Yes, the cash refund needs to be recorded in the cash receipts journal. Keeping records of the forms of payment will help keep things organized.

Debit rent expenseCredit rent payable

debit accrued expensescredit cash / bank

Debit accounts payableCredit cash / bank

debit rent expensecredit cash / bank

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