Question

the cash disbursements journal is used to record

the cash disbursements journal is used to record


Homework Answers

Answer #1

Answer: this is used for cash payments in order to record cash outflows.

Few examples of cash payments are purchase materials, labor payments, utility expenses, purchase of machinery in cash, etc.

The feature of cash payment is the credit to cash.

Suppose utility expense of $3,000 is paid.

Journal

Date

Account titles and explanation

Ref.

Debit

Credit

Utility expenses

$3,000

       Cash

$3,000

To record cash outflow in respect of the payment of utility expenses.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The auditors of Steffey Ltd. decided to study the cash receipts and disbursements for the month...
The auditors of Steffey Ltd. decided to study the cash receipts and disbursements for the month of July of the current year under audit. They obtained the bank reconciliations and the cash journals prepared by the company accountants, which revealed the following: June 30: Bank balance, $355,001; deposits in transit, $86,899; outstanding checks, $42,690; general ledger cash balance, $399,210. July 1: Cash receipts journal, $650,187; cash disbursements journal, $565,397. July 31: Bank balance, $506,100; deposits in transit, $51,240; outstanding checks,...
Medical Supply Company uses a cash receipts journal, a cash payments journal, a sales journal, a...
Medical Supply Company uses a cash receipts journal, a cash payments journal, a sales journal, a purchases journal, and a general journal. Which journal should be used to record each of the following transactions? A. Payment of Property Taxes B. Purchase of Office Equipment on Credit C. Sale of Merchandise on Credit D. Sale of Merchandise for Cash E. Cash refund to a customer who returned Merchandise F. Return of Merchandise to a supplier G. Adjusting entry to record depreciation...
Required: Enter the above transactions in: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal...
Required: Enter the above transactions in: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal or a General Journal Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30). Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM. 2 Borrowed $88, 500 cash from Wisconsin Bank by signing a long-term note payable. 4 Purchased $33,500 of merchandise from BLR Industries,...
An original credit note will be used to record returns/rebates in the creditors allowances journal
An original credit note will be used to record returns/rebates in the creditors allowances journal
How to record in a journal? Cash collections from patient accounts were $820,000.
How to record in a journal? Cash collections from patient accounts were $820,000.
1. Record the Journal Entry for this transaction: Sold painting supplies to customers for $9250 cash....
1. Record the Journal Entry for this transaction: Sold painting supplies to customers for $9250 cash. The cost of the inventory sold was $5100. 2. Record the adjusted journal entry for this transaction: The prepaid rent expense on the balance sheet ($10,000) represents rent for two years for the rental period beginning on Jan 1, 2019. Record the rent that was consumed during 2019.
Cash purchases are generally recorded in the: A) sales journal. B) cash receipts journal. C) cash...
Cash purchases are generally recorded in the: A) sales journal. B) cash receipts journal. C) cash payments journal. D) purchases journal. A cash payments journal is a special journal used to record: A) only the cash payments by currency. B) the net of the cash payments and cash receipts by currency. C) cash payments by check and currency. D) the net of cash payments and cash receipts by check and currency. Cash disbursement journals are also known as: A) sales...
Prepare a journal entry to record the purchase supplies on 01/01/2018 for $20,000; paying cash of...
Prepare a journal entry to record the purchase supplies on 01/01/2018 for $20,000; paying cash of $5,000 and the balance on account.
Prepare Cash Budget For 3 Months Brewster Corporation expects the following cash receipts and disbursements during...
Prepare Cash Budget For 3 Months Brewster Corporation expects the following cash receipts and disbursements during the first quarter of 2016 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2016) January February March Cash receipts $300,000 $320,000 $290,000 Cash disbursements 280,000 360,000 300,000 The expected cash balance at January 1, 2016, is $82,000. Brewster wants to maintain a cash balance at the end of each month of at least $80,000. Short-term borrowings at 1%...
Part 1) Prepare the required general journal entries to record the following transactions for the Bell...
Part 1) Prepare the required general journal entries to record the following transactions for the Bell Company. a. Purchased $40,000 of raw materials on account. b. Used $12,000 of direct materials in the production department. c. Used $5,000 of indirect materials. Part 2) Prepare the required general journal entry to record the following transactions for the Flaherty Company. a. Incurred $95,000 of factory labor cost which is paid in cash. b. Used $78,000 of direct labor in the production department....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT