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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
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
Which transaction is normally recorded in a special journal?
Purchases on account
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 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.
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
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
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.
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.
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.
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.
How do the adjusting entries differ from othe journal entries?
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
Should a transaction be accorded first in a journal or the ledger?
A transaction should first be recorded in a journal before it is posted to the ledger. The journal serves as the initial point of entry for all financial transactions, providing a chronological record. Once recorded in the journal, the amounts can then be summarized and transferred to the appropriate accounts in the ledger, which organizes the information by account type. This system ensures accuracy and facilitates tracking of financial activities.
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
