Journal Entry and Ledger | Baamboozle - Baamboozle

What does the sales journal record?

Credit sales

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What does the purchases journal record?

Credit Purchases

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

General Ledger

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What document is used when placing an order as a buyer?

Purchase Order

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What does the sales ledger contain?

Return Inwards and Accounts Receivable

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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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A trade discount is given where would this be shown?

On the Invoice

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How is a contra entry recorded?

A contra entry always affects both the cash and bank account simultaneously (either via a withdrawal or deposit of monies)

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If there is a balance brought down on the credit side of the Cash book this indicates what?

An overdraft

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What does the purchases ledger record?

Return outwards and Accounts payables

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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

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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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A cash discount of $15 is given from a cash sale worth $200 how much money is recorded as cash?

$185 (200-15)

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