1. it is much easier to enter payments in the payments journal than the general journal a. A supplier invoice will not show – the description and prices for two items purchased on account b. the HST code H (HST @ 13% tax not included in price) c. the HST rate is incorrect d. the asset purchases have been charged to the appropriate accounts
Added by Ronald K.
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The payments journal is specifically designed for recording cash payments made to suppliers, making it easier to track and manage these transactions compared to the general journal. Show more…
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12. Office supplies were sold by Janer's Cleaning Service at cost to another repair shop, with cash received. Which of the following entries for Janer's Cleaning Service records this transaction? a. Office Supplies, debit; Cash, credit b. Office Supplies, debit; Accounts Payable, credit c. Cash, debit; Office Supplies, credit d. Accounts Payable, debit; Office Supplies, credit 13. Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct entry would be a. Equipment 2,250 Cash 2,250 b. Cash 2,250 Accounts Payable 6,250 Equipment 8,500 c. Equipment Expense 8,500 Accounts Payable 2,250 Cash 6,250 d. Equipment 8,500 Accounts Payable 6,250 Cash 2,250 14. Joshua Scott invests $40,000 into his new business. How would this transaction be entered in the journal in good form? a. Cash 40,000 Common Stock 40,000 Invested cash in business.
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