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Exercise 1

Record Keeping

In which journal would you record each of the following transactions?

Indicate your selection with a tick ()

ScenarioCash

Payments Journal

CashReceiptsJournal

Purchases

Journal

SalesJournal

1 You received a cheque for goods you sold

2 You collected the car from your garagemechanic after it had been serviced thatday and you wrote a cheque to cover theinvoice

! You called in at the "rinter and collectedthe "rinting you ordered #he "rinter gaveyou an invoice and "ut the amount onyour account

$ #he bank "aid you interest on the moneyyou had in your bank account

% You su""lied s"orts equi"ment to tenmembers of your s"orts club on thecondition that they will "ay you in onemonth&s time

' #he monthly tele"hone bill arrives in themail and must be entered into theaccounting system of the com"any

You "aid rent with a cheque

You received a cheque from a customerwho"aid his account

* You took delivery of stock which you"urchased on account from your su""lier

1+ You received a tele"hone call from yourcustomer ordering goods to be sent on hisaccount

11 Invoices from your su""liers for goods youhave "urchased on account would be

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recorded where?

12 ,ecei"ts for items you "aid for would berecorded where?

1! ,ecei"ts you have issued to yourcustomers would be recorded where?

1$ Invoices which you have issued to yourcustomers for items they have "urchasedon credit would be recorded where?

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