Question

Goods sold for the day as per cash register roll for, R16 800. Purchased a Desk and Laptop form MM Designers and paid by cheque no. 161, R18 000. how do you record in a journal​

Answer 1

To record the sale and purchase in a journal, we can use the following entries:

Sales Entry:

*Photo Included*

Explanation: This entry records the sale of goods for R16,800. The cash or bank account is debited, representing the increase in cash or bank balance, and the sales account is credited, representing the revenue earned from the sale.

Purchase Entry:

*Photo Included*

Explanation: This entry records the purchase of a desk and a laptop from MM Designers for R18,000, paid by cheque no. 161. The desk and laptop account is debited, representing the increase in assets, and the bank account is credited, representing the decrease in bank balance due to the payment made by cheque.

Note: If the cheque was not paid immediately, but was post-dated, the entry would be slightly different, with the accounts payable account being credited instead of the bank account.