Specialised cash journals
Order by
21 terms
Terms | Definitions |
|---|---|
 cash receipts journal | classifies like items together and acts as an aid for posting to the ledger by analysing cash receipt transactions into their debit and credit components |
| cash payments journal | classifies like items together and acts as an aid for posting to the ledger by analysing the transactions into their debit and credit components |
| cash | this includes money (notes and coins), cheques, money orders, direct deposits into the bank and EFTPOS transfers |
| cash receipts | these source documents include receipt (duplicate), sales dockets, CRS (cash register slips), debit and credit card vouchers, ref numbers from phone and internet banking, bank statement information |
| gross | this means GST is included |
| net | this means GST is excluded |
| cost of goods sold | this entry is still completed in the general journal when a cash sale is recorded |
| debit | the bank column in the cash receipts journal is posted to this side of the ledger account |
| date order | transactions in journals are entered in this order |
| EFTPOS sales | these sales transactions are shown separately and entered directly into the bank column of the cash receipts journal |
| BS | stands for Bank Statement |
| EFTPOS | Electronic Funds Transfer at Point of Sale |
| other | this column of the cash receipts/payments journal records all receipts/cheques that do not have a separate column allocated to them |
| particulars | this column of the cash journals identifies the account other than the bank account affected by the transaction |
| equal | the total of the credit columns (dissection columns) and the total of the bank column in the cash journal should have this state |
| cash payments | these include cheque butts (or copies of cheques), bank statements, direct debit authorisations and credit card vouchers, money order slips |
| credit | the bank column in the cash payments journal is posted to this side of the ledger account |
| cheque number | source document for the cash payments journal |
| end of month | the date the cash journals are totalled |
| specialist | the cash receipts and cash payments journals are known as this type of journal |
| bank charges | this expense is realised in the bank statement and identifies fees charged by the bank for operating a cheque account |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.