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What must be filled out before money is withdrawn from the petty cashier draw?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