financial accounting Journalise the following transactions of Mr. Rahim
Answers
Answer:
What are examples of transaction in accounting?
- Examples of Accounting Transactions
- Sale in cash to a customer.
- Sale on credit to a customer.
- Receive cash in payment of an invoice owed by a customer.
- Purchase fixed assets from a supplier.
- Record the depreciation of a fixed asset over time.
- Purchase consumable supplies from a supplier.
- Investment in another business.
How do you Journalise transactions examples?
How to Journalize Transactions: Step-by-Step
Figure Out the Accounts Affected. The very first thing you have to do when journalizing is an analysis of the transaction to figure out what accounts change and by how much. ...
Translate the Changes Into Debits and Credits. ...
Write the Date, Reference Number, and Description.
How do you Journalise a transaction?
As per the nature and types of accounts, apply the rules of journalisation to give debit or credit effects. Record the date of the transaction in the first column which is the date column. In the particulars column, account to be debited on the first line with the abbreviation 'Dr. ' on the right side of the same line.