Special Journals
A special journal that is used to record all credit sales.
What is the Sales Journal?
An amount recorded on the left side of an account
What is a Debit?
Supplies
What is an Asset?
Received cash from owner as an investment.
What is the Cash Account?
Paid cash for the quarterly dividend payment.
What is cash?
A special journal used to record any merchandise bought on account.
What is a Purchases Journal?
Used to record all of the company's transactions
What is a general ledger?
Accounts Payable
What is a liability?
Paid cash for insurance.
What is prepaid insurance?
Granted credit to ABC corp for merchandise returned.
What is Accounts Receivable?
This is used to record all CASH payments made by a business.
What is a Cash Payments Journal?
A list of accounts used by a business
Owner, Drawing
What is an Owner's Equity Account?
Paid semi-monthly payroll.
What is Salary Expense?
Bought store supplies on account.
What is Accounts Payable?
Used to by a company to record all sales items where cash is received.
What is the Cash Receipts Journal?
The interest earned on money loaned.
What is interest income?
Sales
What is a revenue account?
ThreeGreen's Board of Directors declared a quarterly dividend.
What is Dividends?
ThreeGreen's Board of Directors Declared a quarterly dividend.
What is Dividends payable?
The debit transaction that is ALWAYS used in a Cash Receipts journal?
What is a Cash Debit?
The amount that is due on the maturity date of a note.
What is maturity value?
Advertising Expense
What is an expense account?
Accepted a 90 day, 8% note from ABC corporation for an extension of time on its account.
What is notes receivable?
Accepted a 90 day, 8% note from ABC corporation for an extension of time on its account.
What is Accounts Receivable?