0
What is difference between a cash payment journal and a purchases journal?
Wiki User
∙ 10y ago
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
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What does Purchases journal?
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.
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.
What entries are posted to the cash payment journal and not the general journal?
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.
Journal entry for Invoice received but goods not received?
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
What is the journal entry of accounts payable?
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
What does Purchases journal?
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.
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.
What are the differences between hire purchase transaction and deferred payment?
give three similarities and three difference between hire purchases and deferred payment
What entries are posted to the cash payment journal and not the general journal?
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.
Journal entry for Invoice received but goods not received?
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
What is the difference between payment for work done and an honorarium?
What is difference between payment for honorarium
What type of purchases require a down payment?
Several purchases require a down payment. Some examples are houses, cars and boats. The amount of the down payment is negotiated between the buyer and the seller of the purchase.
What is the journal entry of accounts payable?
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
What is the journal entry for purchase and made a down payment of cash and issued a note payable?
[Debit] Purchases xxxx [Credit] Cash/bank xxxx (For Down payment) [Credit] Notes Payable xxxx
What are the difference between purchases and deferred payment?
........hire purchases,-propert is on the possession by the buyyer,but the right to own the goods remain to the seller until to the last installment paid.,.while DEFERRED PAYMENT- the right to own the propert shift to the buyyer soon after pay the down payment,but the p possession of propert is remain to the hands of the seller until the last installment is paid
What are the journal entries you write for Goods Purchases?
When Goods purchased on cash[Debit] Purchases xxxx[Credit] Cash/bank xxxxWhen purchased on credit[debit] purchases xxxx[credit] accounts payable xxxxWhen actual payment:[debit] Accounts payable xxxx[Credit] Cash / bank xxxx
What is the difference between gross payment and net payment?
Gross = Before TaxesNet= After Taxes
