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How do you record a journal entry for donatiOn received?
[Debit] Cash [Credit] Donation
Journal entry of 30400 received as donation?
cash a/c Dr. 30400 TO Donation a/c 30400
Cash disbursement journal is used to record?
To record cash payment bill.
What is difference between a cash payment journal and a purchases 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
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 does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
How do you record a journal entry for opening a cash account?
debit cash accountcredit bank account
Do you only record credit transactions in general journal?
we can also record cash transactions too
How to you record advances in journal entry?
debit advancescredit cash / bank
How do you record cash received from a customer on a double entry journal?
debit cash / bankcredit accounts receivable
How do you record a journal entry for donating equipment?
debit equipment accountcredit donation
Can you record transactions in 2 journals Example Can sale of merchandise for cash be put in the cash receipts journal and the sales journal?
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
