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What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
Examples of Cash payments journal and Cash receipts journal?
What_is_a_cash_receipt_journalcash receipt journal is used to record money received by the business during calendar month as previously mentioned ,when money is received by the business for capital All cash payments made by the company.
In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What is recorded in the cash payments journals?
Cash payments journals record all cash payments made by a business, including expenses such as rent, utilities, wages, and other payments for goods or services. Each entry will typically include the date of payment, payee, amount paid, and purpose of the payment.
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
How can you prove you have made cash payments for child support?
Pay by check on the dates the payments are due and make certain they are in the correct amounts. Maintain a hard copy record of your cancelled checks. If it comes out of your paycheck then keep copies of your paycheck stubs in a safe place. Do not pay in cash.
Examples of Cash payments journal and Cash receipts journal?
What_is_a_cash_receipt_journalcash receipt journal is used to record money received by the business during calendar month as previously mentioned ,when money is received by the business for capital All cash payments made by the company.
In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
Where to enter cash and credit purchase?
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.
Why is it important to always request a receipt when making payments in cash as proof of payment?
Requesting a receipt when making cash payments is important because it serves as proof of the transaction. This can help prevent disputes or misunderstandings about the payment made, and can also be useful for record-keeping and tracking expenses.
Do credit card companies report cash payments?
No, credit card companies do not typically report cash payments.
Do credit card companies report cash payments to the IRS?
No, credit card companies do not report cash payments to the IRS.
How does progress payments effect the projected cash flow?
Progress payments can show a shortfall in projected cash flow. This is because the company is making payments at intervals prior to having the project in place to provide cash inflow.
