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 chart of report cards is expand and now there will be three sets of al-Qurans: 1. superior world-wide written report books (4 digit come ex. Assets 1000s liabilities 2000s) A new section introduced center(a) revenue and expenses is called exist of intersection. Revenue (4000s), cost of mathematical product (5000s), expenses (6000s) DR equilibrium Dr balance 2. throwaways due record book: 3 digit visor numbers - this is an asset ledger - depict statement numbers ar in the 100s - these ar assets which are owed to the company 3. flyers give wayable ledger: 3 digit numbers - This is the liability ledger - key numbers are 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 r eceivable and payable. Transactions for a merchandising business are make in a 11 column faction journal. These are utilise for to types of legal proceeding categories: purchases ( merchandise business buys) Sales (sells) CH. 13 leverages and exchange payments Ways to purchase merchandise A companion may purchase merchandise for 1. property 2. An account secure for notes Eg. progress to merchandise for exchange $200.00 C1 To accounts are affected, purchases and cash two of these accounts have column titles in the conclave journal. Thus the deed 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 affected: Purchase and ac! counts 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 purchase supplies on account: Eg. Bought supplies on account from marvellous and toy,500.00 M1 Supplies dr account payable cr This creation requires 2 rows in the combination journal date         Account title         Doc#          frequent DR         Account payable CR Mar 30         Supplies sybaritic and toy         M1         500.00          500.00 Cash payments transactions All tr ansactions 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 cover version 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 draw 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: OrderCustomPaper.com

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