Module 20/20

Module 2020- Special Journals In this section you for plump 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 rule books (4 digit amount ex. Assets 1000s liabilities 2000s) A new section introduced center(a) revenue and expenses is called represent of intersection. Revenue (4000s), cost of mathematical product (5000s), expenses (6000s) DR equilibrium Dr balance 2. throwaways due ledger: 3 digit visor numbers - this is an asset ledger - news report numbers ar in the 100s - these argon assets which be owed to the company 3. flyers wagesable ledger: 3 digit numbers - This is the liability ledger - key numbers are in the 200s - These liabilities are not give yet The controlling historys for these 2 ledgers are in the general ledger and are named numbers receivable and payable. Transactions for a merchandising business are make in a 11 column compounding journal. These are utilise for to types of legal proceeding categories: purchases ( product business buys) Sales (sells) CH. 13 gets and exchange payments Ways to purchase merchandise A confederacy may purchase merchandise for 1. property 2. An account buy for notes Eg. obtain merchandise for exchange $200.00 C1 To accounts are affected, purchases and cash some(prenominal) of these accounts have column titles in the faction journal. Thus the exercise 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 acc ounts are affected: Purchase and accounts pa! yable 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 creatio n requires 2 rows in the combination journal date         Account title         Doc#          planetary DR         Account payable CR Mar 30         Supplies dread 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 coat memo1 c1. Account payable dr cash cr Others transactions The possessor can withdraw merchandise Corrections to entries Withdraw merchandise: J.Doe owner withdrew merchandise forpersonal use 75.00 M2 J.Doe lottery 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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