Purchases
The purchases column of a Purchases Journal will end up getting _______________.
What is Debited?
Cash will always be _________ in a cash payments journal.
What is Credited?
Each account has this so you know what order in the ledger it falls under.
What is Account Number?
This is something of value that you own.
What is Asset?
This is something that you owe a creditor or lender.
What is Liability?
We will not end up using the ___________ account when journalizing in the Purchases journal.
What is Cash?
This account in the special column will get a debit in the cash payments journal.
What is Accounts Payable?
You must update this in each account after making a posting to that account.
What is Account Balance?
These are financial papers that you will use when journalizing transactions.
What are Source Documents?
This type of journal is used to record many different kinds of transactions.
What is General Journal?
The accounts payable column of a Purchases Journal will end up being ______________.
What is Credited?
The main source document we will use in a Cash Payments Journal is a ____________.
What is Check?
This ledger is used when you have to post to accounts payable and purchases account.
What is General Ledger?
This type of journal is used to record one kind of specific transaction.
What is Special Journal?
This is the process of transferring information from a journal, to an account in the appropriate ledger.
What is Posting?
If we make a purchases return, these two accounts will get debited.
What is Accounts Payable and Vender account?
You will not end up posting the total of this column in the cash payments journal.
What is General Column?
This subsidiary ledger is used when it comes to purchases and cash payments.
What is Accounts Payable Ledger?
This is an account that is used to keep a small amount of cash on hand.
What is Petty Cash?
This type of journal is used when you are making a purchase, and promise to pay back that company at a later date.
What is Purchases Journal?
You will use this account when you need to make a return of merchandise.
What is Purchases Returns and Allowances?
The general column of a Cash Payments Journal will be used when paying for _____________.
What is Expenses?
This is the only column in the cash payments journal that you will not post the total.
What is General Column?
A deduction that a vendor allows on the invoice amount to encourage prompt payment:
What is Cash Discount?
When a company that has purchased merchandise on account takes a cash discount
What is Purchases Discount?