In which journal is the receipt of a promissory note from a customer on account recorded quizlet?

The entry to record the receipt of a promissory note to replace an open account is recorded in the cash receipts journal.

Which transaction is normally recorded in a special journal?

In contrast to a general journal, each special journal records transactions of a specific type, such as sales or purchases. For example, when a company purchases merchandise from a vendor, and then in turn sells the merchandise to a customer, the purchase is recorded in one journal and the sale is recorded in another.

In which journal would a customer’s cash payment on account be recorded?

it is recorded in the general journal. a debit to the Cash account.

Which transactions is recorded in the revenue journal?

A revenue journal is designed to uniquely record only sales transactions. The sales transactions are recorded as revenue and recorded as being paid by cash or placed on account; known as accounts receivable.

Is accounts payable a control account?

The accounts payable control account or purchases ledger control account, is an account maintained in the general ledger used to record summary transactions relating to accounts payable.

In which journal would adjusting entries be found?

The adjusting entries for a given accounting period are entered in the general journal and posted to the appropriate ledger accounts (note: these are the same ledger accounts used to post your other journal entries).

Which journal would adjusting entries be found?

general journal
Adjusting entries are found in c) the general journal. Adjusting entries and closing entries are recorded in the general ledger and this will cause temporary accounts to be set to zero for the new accounting cycle.

How do you record revenue in journal entries?

To create the sales journal entry, debit your Accounts Receivable account for $240 and credit your Revenue account for $240. After the customer pays, you can reverse the original entry by crediting your Accounts Receivable account and debiting your Cash account for the amount of the payment.

What are the 5 steps of posting in accounting?

The five steps of posting from the journal to ledger include typing the account name and number, specifying the details of the journal entry, entering the debits and credits for the transaction, calculating the running debit and credit balances, and correcting any errors.

How do you prepare adjusting journal entries?

How to prepare your adjusting entries

1. Step 1: Recording accrued revenue.
2. Step 2: Recording accrued expenses.
3. Step 3: Recording deferred revenue.
4. Step 4: Recording prepaid expenses.
5. Step 5: Recording depreciation expenses.

What is an adjusting journal entry?

An adjusting journal entry is an entry in a company’s general ledger that occurs at the end of an accounting period to record any unrecognized income or expenses for the period. Adjusting journal entries can also refer to financial reporting that corrects a mistake made previously in the accounting period.