Before responding to the query "How to prepare a common journal", let's remember what this sales concept means. We are able to comprehend common journal as a summary of accounts that are used in the sales of the particular business. This journal consists of stability linen and income declaration accounts, which review all the monetary information and changes towards the monetary information for the particular period of time, i.e. usually it is a month.
We are able to stipulate three main stages in preparing this journal:
And additional allow&Number39s discover brief instance assisting to learn how to make a common journal:
We now have the following information about the transactions within the organization ABC. In the beginning of August the company had inventory, the cost of which was $150, your debt to providers was $230, money staying with you was $800. The following transactions will be considered as happened in August:
a. bought inventory on credit for $1500 Or w. compensated providers a part of financial debt, i.e. $560 spending cash from bank.
1 action: journalize these transactions. The following entries will be done:
D Stock $1500
__D Company accounts due $1500
____Description: purchase of inventory on credit
D Company accounts due $560
__D Cash in bank $560
___Description: paying from bank to providers a part of financial debt
In the next thing about this post we'll continuing with this instance.
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