Journal Entry and Ledger | Baamboozle - Baamboozle

What type of transactions are recorded in the petty cash book?

Small cash payments due

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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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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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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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What does the purchases journal record?

Credit Purchases

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What must be filled out before money is withdrawn from the petty cashier draw?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 does the purchases ledger record?

Return outwards and Accounts payables

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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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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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How is a cash sale recorded in the Cash Book

On the debit side under the cash column

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List the names of any three day books

General Journal, Sales Journal, Purchases Journal etc...

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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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