What Is Used To Record All Transactions Involving Cash Payments
Cash Payments Are Recorded In Which Journal / Purchase Of Merchandise For Cash Would Be Recorded In Which Journal Cash Payment Journal is used to record all Business Transactions involving cash payments. Cash payments journal, which is a Special Journal , include expenses paid for cash, cash paid to suppliers, cash purchases or merchandise purchases or inventory purchases for cash. Example: Mr. A is a sole owner in his business. From the Special Journal of the business, we get this transaction: 2 nd July, 2021: Merchandise Purchased For Cash Rs. 10000. This transaction involves cash payment i.e., the business purchased merchandise / goods from supplier / vendor for cash. The journal entry to record for merchandise / goods purchased for cash is shown below: ...