Journal Entry and Ledger | Baamboozle - Baamboozle

Where are total amounts transferred after the journal has been completed for a period?

General Ledger

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The general journal can be used to record transactions such as opening capital accounts and correction of errors. True or False?

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Return inwards is recorded in the return inwards ledger true or false?

False

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What does the purchases ledger record?

Return outwards and Accounts payables

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A cash discount is given for the sale of some goods where would this be recorded in the cash book?

Discounts Allowed

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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

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How is a cash sale recorded in the Cash Book

On the debit side under the cash column

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What must be filled out before money is withdrawn from the petty cashier draw?

Petty Cash Voucher

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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

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What does the sales ledger contain?

Return Inwards and Accounts Receivable

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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

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Return outwards is recorded in the return outwards journal. true or false?

True

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