Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
Debit salaries expenseCredit cash / bank
debit income tax paidcredit cash
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.
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
Cash payments journals record all cash payments made by a business, including expenses such as rent, utilities, wages, and other payments for goods or services. Each entry will typically include the date of payment, payee, amount paid, and purpose of the payment.
Debit salaries expenseCredit cash / bank
debit income tax paidcredit cash
Pay by check on the dates the payments are due and make certain they are in the correct amounts. Maintain a hard copy record of your cancelled checks. If it comes out of your paycheck then keep copies of your paycheck stubs in a safe place. Do not pay in cash.
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.
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
Purchases Journal & Cash Payments Journal.Also called as Specialized Jounal Entries. Purchases Journals record transactions that involve purchases on credit. Source documents here would probably be invoices. The purchase of inventory on credit is recorded in the purchases journal. Cash Receipts Journal record transactions that involve payments received with cash Source documents would probably be receipts and cheque butts.
Progress payments can show a shortfall in projected cash flow. This is because the company is making payments at intervals prior to having the project in place to provide cash inflow.
no
No
When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash. The interest is debited directly to an interest expense account and credited directly to cash for the same payment. A compound entry can be used for this purpose. There is no loan payable or interest payable accounts for cash basis accounting.