Accounting I Essentials by Duane Milano

Author:Duane Milano
Language: eng
Format: epub
ISBN: 9780738670386
Publisher: Research & Education Association
Published: 2012-11-23T05:00:00+00:00

EXAMPLE 7.4.6

Cash Receipts Journal

7.4.5 CASH DISBURSEMENTS JOURNAL

All payments of cash are recorded in the cash disbursements journal. Like the cash receipts journal, the cash disbursements journal contains three credit columns for cash, purchase discounts, and other accounts as well as three debit columns for accounts payable, purchases, and other accounts. The following transactions are shown in Example 7.4.7:

1992

Jan 4 Paid $800 cash for merchandise.

Jan 7 Paid Jones Company for invoice of $2,400 dated Jan 4 (less 2% discount)

Jan 9 Bought equipment for $6,000 cash.

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