We sold goods to R. Martin on credit for $500. How would this be recorded in the Day Book and Ledger??
Sales Journal and Sales Ledger
The general journal can be used to record transactions such as opening capital accounts and correction of errors. True or False?
A cash discount of $15 is given from a cash sale worth $200 how much money is recorded as cash?
$185 (200-15)
What document is used when placing an order as a buyer?
Purchase Order
If a trade discount is given on a transaction for a sale this would be recorded in the journal. True or False
What does the sales journal record?
Credit sales
List the names of any three day books
General Journal, Sales Journal, Purchases Journal etc...
A trade discount is given where would this be shown?
On the Invoice
What does the purchases ledger record?
Return outwards and Accounts payables
Return inwards is recorded in the return inwards ledger true or false?
False
If there is a balance brought down on the credit side of the Cash book this indicates what?
An overdraft
What does the sales ledger contain?
Return Inwards and Accounts Receivable
What does the purchases journal record?
Credit Purchases
What is meant by the imprest system for petty cash book?
A system where the cashier starts with an opening balance "float" and at the end of the month the float is replaced with all of the money that was spent
What must be filled out before money is withdrawn from the petty cashier draw?
Petty Cash Voucher
List the name of the 3 ledgers
Sales, Purchases and General Ledger
A cash discount is given for the sale of some goods where would this be recorded in the cash book?
Discounts Allowed
What type of transactions are found in the Cash Book?
Cash and Bank transactions
What type of transactions are recorded in the petty cash book?
Small cash payments due
If a loan is to be repaid using a cheque how would this be recorded under the Cash Book
On the credit side under Bank
We bought some goods on credit from R. Maye what are the Day books and ledgers used to record this?
Purchases Day book and Purchases Ledger
Where are total amounts transferred after the journal has been completed for a period?
General Ledger
How is a cash sale recorded in the Cash Book
On the debit side under the cash column