we can also record cash transactions too
Journal
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
It is termed as Journal entry.
Recording phase of accounting is to record the transactions into journal after transactions occured.
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
The Journal Proper is the record both in which miscellaneous credit transactions are entered that do not fit in other books. It is also called the Journal Residual or the General Journal.
You record basically how your feelings are.
A general journal is uesd to record infrequent or nonroutine transactions, such as lan payments and end-of-period adjusting and closing entries. A specialized journal records large numbers of repetitive transactions such as sales, cash receipts, and cash disbursements.
Journal
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
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 & 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.
It is termed as Journal entry.
Journal Entries are used to record accounting transactions. blady bastered............
A purchase journal is a specialized accounting journal used to record all credit purchases of goods or services made by a business. It typically includes information such as the date of the purchase, vendor name, invoice number, and amount owed. The purchase journal helps track the company's liabilities and expenses related to purchasing inventory or other items.
Recording phase of accounting is to record the transactions into journal after transactions occured.
To record a journal entry in QuickBooks, go to the Company menu, select Make General Journal Entries, enter the date and journal entry number, choose the accounts to debit and credit, input the amounts, and save the entry.