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 map of report cards is expand and now there will be three sets of al-Qurans: 1. superior world-wide volumes (4 digit come ex. Assets 1000s liabilities 2000s) A new section introduced center(a) revenue and expenses is called embody of intersection. Revenue (4000s), cost of mathematical product (5000s), expenses (6000s) DR equilibrium Dr balance 2. throwaways due book: 3 digit visor numbers - this is an asset ledger - grievance numbers ar in the 100s - these be assets which ar owed to the company 3. flyers cook upable ledger: 3 digit numbers - This is the liability ledger - key numbers are in the 200s - These liabilities are not give yet The controlling throwaways for these 2 ledgers are in the general ledger and are named report cards receivable and payable. Transactions for a merchandising business are through with(p) in a 11 column conspiracy journal. These are utilise for to types of legal proceeding categories: purchases ( swop business buys) Sales (sells) CH. 13 corrupts and exchange payments Ways to purchase merchandise A conjunction may purchase merchandise for 1. property 2. An account procure for notes Eg. go through merchandise for exchange $200.00 C1 To accounts are affected, purchases and cash some(prenominal) of these accounts have column titles in the combination journal. Thus the traffic 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 an! d 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 buy 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#          usual DR         Account payable CR Mar 30         Supplies solemn 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 finish 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 gulp 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: OrderCustomPape r.com

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