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When purchasing merchandise for resale what journal is the transaction recorded in?
journal
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
Which transaction is normally recorded in a special journal?
Purchases on account
Why is a journal sometimes called original entry?
Because as soon as any business transaction occurred first of all it is recorded in journal and after that it is summarized in different ledgers that's is why it is called book of original entry.
Why journal is called a book of original entry?
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
When purchasing merchandise for resale what journal is the transaction recorded in?
journal
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
Which transaction is normally recorded in a special journal?
Purchases on account
Accouting transaction from a source document are recorde in a?
they are recorded in a general journal.
Why is a journal sometimes called original entry?
Because as soon as any business transaction occurred first of all it is recorded in journal and after that it is summarized in different ledgers that's is why it is called book of original entry.
Why journal is called a book of original entry?
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
The process of recording a transaction in the journal is called?
The process of recording a transaction in the journal is called "journalizing." This involves documenting each transaction in chronological order, detailing the accounts affected, the amounts, and a description of the transaction. Journal entries serve as the foundational step in the accounting cycle, leading to the posting of information to the ledger.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
What is a sales returns journal?
Sales returns journal records all sales return transactions only and no other transaction of business is recorded.
Why are there two account titles in the amount of the 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.
Why are there two account titles in the amount column of the 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.
