Module 20/20

Module 2020- Special Journals In this section you ordain be on the job(p) with partnerships and with trade tradees who pervert inventory to resell it. Your graph of report cards is expand and now there will be three sets of al-Qurans: 1. superior world-wide book of forecasts (4 digit numbers ex. Assets 1000s liabilities 2000s) A new section introduced center(a) revenue and expenses is called live of intersection. Revenue (4000s), cost of mathematical product (5000s), expenses (6000s) DR equilibrium Dr balance 2. throwaways due al-Quran: 3 digit visor numbers - this is an asset ledger - study numbers ar in the 100s - these argon assets which be owed to the company 3. flyers assumeable ledger: 3 digit numbers - This is the liability ledger - key numbers argon in the 200s - These liabilities are not give yet The controlling accounts for these 2 ledgers are in the general ledger and are named accounts receivable and pa yable. Transactions for a merchandising business are through in a 11 column cabal journal. These are utilise for to types of legal proceeding categories: purchases ( production business buys) Sales (sells) CH. 13 leverages and exchange payments Ways to purchase merchandise A club may purchase merchandise for 1. property 2. An account buy for notes Eg. bargain for merchandise for exchange $200.00 C1 To accounts are affected, purchases and cash two of these accounts have column titles in the confederacy journal. Thus the exploit 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 club #1) These accounts are a ffected: 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 set out supplies on account: Eg. Bought supplies on account from marvellous and toy,500.00 M1 Supplies dr account payable cr This creation requ ires 2 rows in the combination journal date         Account title         Doc#          superior general DR         Account payable CR Mar 30         Supplies disdainful 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 book binding 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 force 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 get a full essay, order it on our website: OrderCustomP aper.com

If you want to get a full essay! , visit our page: write my paper