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
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
debit equipmentcredit accounts payable
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
General Journal
Purchases journal
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
The General Journal.
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.
Journal entry for opening a bank account
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.