0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
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.
Accounting How do you correct wrong account used for journal entry?
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
What entry do you make in the post reference column of the ledger to show that you posted the transactions from the journal?
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
In which journal is the return of supplies purchased on account recorded?
General Journal
Which journal does bought office supplies on account go to?
Purchases journal
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.
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
How do you undo journal entry?
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.
What is the journal entry for deposit to bank account for beginning a business?
Journal entry for opening a bank account
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.
