The correct option is (D) expense journal.

How do you record payroll wages?

Make Adjusting Journal Entries

Debit Payroll Expenses and credit salary payable Record accrued wages. Salary expense is an income statement account that reduces net income for the period. Wages payable is a short-term liability account on the balance sheet.

What is a payment journal?

The cash payment journal is A special journal that allows you to record all cash payments – i.e. all transactions where you spend your funds. For example, if you paid cash to any creditor, you should record this in your cash payment journal.

What journal is used to record check payments?

cash payment journal Used to record cash disbursements for check payments, including payments on credit, cash merchandise purchases, various fee payments, and other loan payments.

What are the 4 special journals in accounting?

The four main special journals are Sales Journal, Purchase Journal, Cash Outgoing Journal, and Cash Incoming Journal.

Year 10 Pay Scale

36 related questions found

What are the two types of journal entries?

Simple entries are those where only two accounts are affected, one related to the debit and the other to the credit.

• (2) Compound entries: …
• (4) Transfer items: …
• (5) Closing article: …
• (6) Adjusting entries: …
• (7) Rectification items:

What are the 5 special journals?

Remember, we have 5 special journals:

• A sales log that records all credit sales.
• Purchasing log for all credit purchases.
• Cash receipt journal to record all cash receipts.
• A cash payment journal recording all cash payments; and.

What is a cashbook payment journal?

A cash book is a Financial journal with all cash receipts and payments, including bank deposits and withdrawals. The entries in the cash book are then posted to the general ledger.

What is a general ledger example?

G/L Account Example

Asset accounts such as cash, accounts receivable, inventory, investments, landand equipment. Liability accounts, including bills payable, accounts payable, accrued charges payable, and customer deposits.

How do I track cash payments?

Use folders or envelopes Keep original documents such as sales and purchase receipts and cash coupons. Try to keep them sorted by date. If you have a lot of deals, consider organizing them into weekly or monthly bundles, clipping or stapling them together and labeling them by time period.

How does the cash payment journal work?

A cash payment journal is a special journal that records all payments made by an entity in cash.This special log is created When an entity uses the accounting manual to make accounting recordsand many cash payment transactions occurred.

What is an example journal entry?

journal entry Record business transactions in an organization’s accounting system…for example, when a business purchases supplies with cash, the transaction will appear in both the supplies account and the cash account. A journal entry has the following components: Transaction date.

What is the input of salary?

debit Wages, salaries and corporate payroll taxes you pay. This will increase your costs during this period. When you record payroll, you typically debit gross payroll expenses and credit all liability accounts.

What is the entry for wages payable?

Salary payable can be boiled down to type Payroll journal entry Used to record on the books of accounts the compensation payable to the employee. Because it is expected to be paid within a year, it is usually included as a current liability on the balance sheet.

Is the general ledger the same as the T account?

Credits and debits are recorded in the general ledger, and all account balances must match.The visual appearance of the personal account book resembles a T shape, so why A ledger account is also Called a T-account.

What is the difference between general journal and general ledger?

Journals consist of original accounting entries that record business transactions sequentially by date. The general ledger is more formal and tracks five key accounting items: assets, liabilities, owner’s capital, income and expenses.

How do you read the general ledger?

from View entries for each monthly section from top to bottom. View entered income and expenses. Recurring expenses (such as utilities, rent, and phone bills) and income (such as sales or royalties) are called accounts.

Is the cash book a journal or a ledger?

Cash Book and Cash Account

A cash book is a separate ledger that registers cash transactions, while a cash account is a general ledger account.A sort of The cash book can be used for both journals and ledgerswhile cash accounts are organized like a ledger.

Which transactions are not recorded in the cash book?

Also called original.When maintaining the cash book, cash transactions are not recorded in Journaland no separate cash or bank accounts are required in the ledger.

Is petty cash recorded in the cash payment journal?

Petty cash journal entries are debits to petty cash accounts and credits to cash accounts. …the cashier creates a journal entry to record petty cash receipt.

What types of journals are there?

Journal type

• Academic/Scholarly Journals.
• Trade Journal.
• Current Affairs/Viewpoint Magazine.
• popular magazine.
• newspaper.

What are journals and their types?

Types of Accounting Journals

Purchasing Log. sales journal. cash receipt journal. Cash Payment/Payment Journal. Purchase Return Journal.

What is a special journal example?

Examples of special journals are cash receipt journal, cash outlay journalpayroll journal, purchase journal, and sales journal.