Question

In: Accounting

Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a...

Week 6

Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded.

a) Purchased inventories on credit

b) Sales of inventory on credit

c) Received payment of a customer’s account

d) Payment of monthly rent by cheque

e) End of period closing entries (2 mark

Expert Solution

a)Purchase entries on credit

Purchase Journal-The transactions of purchases of inventory on credit are recorded in the purchase journal.

b)Sales of inventory on credit

Sales Journal-The transactions of sales of inventory or merchandise on credit are recorded in the sales journal.

c)Received payment of a customer's account

Cash Receipts Journal-All the cash which is received by a business during a given time period is recorded in the cash receipts journal, payment received on customer's account is included in the cash receipts journal.

d)Payment of monthly rent by cheque

Cash Payments Journal-It records all the transactions of cash payments which is paid by a business during a given time period.It includes payment made to creditors,payment made for expenses etc.

e)End of period closing entries

General Journal-It records all the transactions which relate to accounting errors,adjustment entries,etc.The end of period closing entries are recorded in this journal.

ekkarill92 answered 2 years ago

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