Transactions must be entered correctly into the organisational journal system, following organisational policies and procedures and accounting requirements. Which journal should you use for the following transactions for a confectionery store:a customer pays for $130 worth of lollies by chequethe tenant who uses the storage shed pays $300 in renta customer buys $1,000 worth of lollies, telling the sales clerk to put it on their accountthe customer realises they only needed $600 worth of lollies. The owner agrees to returning the surplus for a refundthe organisation purchases nougat from the confectionery supplier

Journals in accounting are the documents that are prepared for keeping the record of transactions of…

Answered: Transactions must be entered correctly…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Transactions must be entered correctly into the organisational journal system, following organisational policies and procedures and accounting requirements. Which journal should you use for the following transactions for a confectionery store:

a customer pays for $130 worth of lollies by cheque
the tenant who uses the storage shed pays $300 in rent
a customer buys $1,000 worth of lollies, telling the sales clerk to put it on their account
the customer realises they only needed $600 worth of lollies. The owner agrees to returning the surplus for a refund
the organisation purchases nougat from the confectionery supplier

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