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When posting the column totals of a cash payments journal a debit should be posted to?
accounts payable
When two accounts are required in one journal entry'the entry is referred to as?
posting
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
What is the journal entry for partial cash and credit payments?
[Debit] Purchases [credit] Cash (partial) [credit] accounts payable (balance)
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
What are the accounting journal entries for guaranteed payments to partners?
Debit:Partners Capital Credit: Accounts Payable
When posting the column totals of a cash payments journal a debit should be posted to?
accounts payable
When two accounts are required in one journal entry'the entry is referred to as?
posting
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.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
What is the journal entry for partial cash and credit payments?
[Debit] Purchases [credit] Cash (partial) [credit] accounts payable (balance)
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
Receipts from cash sales of 9500 were recorded incorrectly in the cash receipts journal as 5900 What entry is required in the depositors accounts?
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company's accounts?
debit Bank 450credit accounts payable 450
When you give someone discount do you put it in the Debtor Journal or Debtor allowance journal?
When you give someone a discount, it is typically recorded in the Debtor Allowance Journal. This journal specifically tracks allowances and discounts granted to debtors, reflecting adjustments to accounts receivable. The Debtor Journal, on the other hand, generally records standard transactions involving sales and payments without adjustments.
Can a compound journal entry affect more than 2 accounts?
Yes for compound journal entry at least more than one debit and credit account is required.
What call Entering amounts recorded in the Accounts Receivable Journal into the Accounts Receivable Ledger?
Entering amounts recorded in the Accounts Receivable Journal into the Accounts Receivable Ledger is known as posting. This process involves transferring the individual customer account details from the journal to the ledger to maintain accurate records of outstanding balances. It ensures that each customer's account reflects the correct amounts owed and helps in tracking payments and managing credit effectively. This step is crucial for maintaining the integrity of financial records and facilitating efficient cash flow management.
