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Assingment Onacc 101 (Introduction to Basic Accounting)

By Paulinus Chinedu

Summary

sales journal has only one column to record the transaction amount. The reason is that the sales journal is used only for recording credit sales of inventory or services; consequently, every entry represents a debit to accounts receivable and a credit, for the same amount, to sales revenue. This also means that there is no need to write an explanation of each entry, as would be the case if credit sales were recorded in the general journal. Instead, all the information about the transaction is recorded in one line: the date, invoice number, name and account number of the customer, and the amount of the sale. When we consider the number of sales transactions likely to occur every day, the time saved by recording these transactions in a sales journal, rather than in the general journal, is considerable.
Assingment Onacc 101 (Introduction to Basic Accounting)
 
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Abstract

After transaction data have been captured on source documents, the next step is to

record the data in a journal. A journal entry is made for each transaction showing the accounts and amounts to be debited and credited. Most companies use both a general journal and a set of specialized journals.

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