A payment of cash for the purchase of merchandise should be recorded in the

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Business

Howard Schroeder

5 January, 08:57

A payment of cash for the purchase of merchandise should be recorded in the

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Aidan Stevenson · Answer 1

The payment of a cash for the purchase of merchandise should be recorded in a journal called the cash payment journal. The cash payment journal provides detailed recording of the amount of money that has been installed in terms of the business. This also provides the overall cost and the refunds that had occurred.

Mattie Stevenson · Answer 2

A payment of cash for the purchase of merchandise should be recorded in the "cash payment journal".

Cash payment journal or cash disbursement journal is utilized to record all cash money installments made by the business. The cases of significant cash payments out in a business are:

Installments to leasers cash purchases of merchandise, supplies, hardware or some other resource.

Cash payments for costs, for example, compensations, lease, protection and expenses and so forth.

Cash refunds to clients for return of stock sold for money.

Individual illustrations of the proprietor.