0
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.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is the entry for a cash purchase including vat12.5 percent?
Cash Purchase - £112.50 Debit Bank - £112.50 Credit Purchases - £100.00 Credit VAT - £12.50
What is journal entry for cash purchase?
[Debit] Purchases [Credit] cash / bank
Why customers buy on credit?
Customers buy on credit for a few reasons, the main one is that at the time of purchase they may not have the required cash for the purchase. Also, customers will buy on credit because it's easier than carrying cash, they can keep their cash on hand and make payments toward the purchase instead of being out the amount of cash at that time.
Are casino chip purchases considered a cash advance or a purchase on credit cards?
You cannot purchase chips at a casino with a credit or debit card. You have to use an ATM to get the money and then purchase the chips.
What are the differences between a cash and credit transaction for purchase and sales?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
What is the journal entry for a cash purchase of a vechicle?
[Debit] Vehicle Purchased [Credit] Cash / bank
Credit card to purchase a cashiers check?
The only way I know of to do this is to get a cash advance on your credit card as cashier's checks must be purchased with cash. Be aware that the APR on cash advances is higher than regular purchase APRs.
How do a walmart credit card work?
Do you use a pi number to purchase with the credit card or cash
How do you record a journal entry for purchase?
If the purchase was done on cash then, Purchase A/c Dr To Cash A/c If the purchase was done on credit, Purchases A/c Dr To Creditor A/c
What is the journal entry for a cash purchase?
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
What is journal entry if purchase goat for cash 300?
[Debit] Goat 300 [Credit] Cash 300
How do you get Facebook cash?
By selecting facebook credits and enter your information about your credit card.
