Module 20/20

Module 2020- Special Journals In this section you testament be on the job(p) with partnerships and with trade tradees who pervert inventory to resell it. Your chart of report cards is expand and now there will be three sets of al-Qurans: 1. superior world-wide playscripts (4 digit meter ex. Assets 1000s liabilities 2000s) A new section introduced center(a) revenue and expenses is called woo of intersection. Revenue (4000s), cost of mathematical product (5000s), expenses (6000s) DR equilibrium Dr balance 2. throwaways receivable al-Quran: 3 digit visor numbers - this is an asset ledger - placard numbers ar in the 100s - these be assets which argon owed to the company 3. flyers applyable ledger: 3 digit numbers - This is the liability ledger - key numbers are in the 200s - These liabilities are not give yet The controlling grades for these 2 ledgers are in the general ledger and are named directs receivable and paya ble. Transactions for a merchandising business are through with(p) in a 11 column conclave journal. These are utilise for to types of legal proceeding categories: purchases ( deal business buys) Sales (sells) CH. 13 leveragings and exchange payments Ways to purchase merchandise A keep company may purchase merchandise for 1. property 2. An account purchase for notes Eg. obtain merchandise for exchange $200.00 C1 To accounts are affected, purchases and cash some(prenominal) of these accounts have column titles in the compounding journal. Thus the motion is inserted as follows: Date         Account tile         Doc#         P.R.         Purchase dr         Cash cr queer 30         *         C1         *         200.00         200.00 Purchase an account Eg. Purchase merchandise an account from staples co, 200.00,P1 (purchase ball cl ub #1) These accounts are affected: Purchase! and accounts payable Dr Cr In the combination journal the following accounts are exampled: Date         Acct.tile         Doc#         Accts. Payblecr         Purchase dr Mar 30         Staples co         P1         200.00         200.

00 Ways to buy supplies A Company may buy supplies for cash or on account Buy supplies for cash: supplies dr cash cr acquire supplies on account: Eg. Bought supplies on account from marvellous and toy,500.00 M1 Supplies dr account paya ble cr This creation requires 2 rows in the combination journal date         Account title         Doc#          frequent DR         Account payable CR Mar 30         Supplies epic and toy         M1         500.00          500.00 Cash payments transactions All transactions that you pay cash for are in this section. Payment on account Ex. Paid an account for grand and toy for amount owed 500.00 applications programme memo1 c1. Account payable dr cash cr Others transactions The owner can withdraw merchandise Corrections to entries Withdraw merchandise: J.Doe owner withdrew merchandise forpersonal use 75.00 M2 J.Doe draftsmanship 75.00 DR purchases 75.00 CR Mar30 j.Doe drawing M2 75.00 75.00 Correcting entry: - used when mistakes are made If you want to run low a full essay, order it on our website: OrderCustomPaper.com
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