This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
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The Cash Payments Journal (CPJ) records all cash payments made by a business. For each transaction, the Bank account is credited (money leaves the bank), and the corresponding expense or asset account is debited. Here is the completed Cash Payments Journal for Ms S Kumalo for January 2014: CASH PAYMENTS JOURNAL OF Ms S Kumalo |c|c|l|c|r|r|r|r|c|l| DOC. & DAY & DETAILS & FOL. & BANK (Cr) & MATERIALS (Dr) & WAGES (Dr) & 3|c|SUNDRY ACCOUNTS (Dr) \\ 8-10 & & & & & & & AMOUNT & FOL. & DETAILS \\ EFT1 & 1 & Mr Botha & & R15 000 & & & R15 000 & & Rent Expense \\ DC1 & 1 & HH Hardware & & R16 000 & R16 000 & & & & \\ CP1 & 11 & AA Stationers & & R1 500 & & & R1 500 & & Stationery \\ EFT2 & 11 & D Hill & & R3 000 & & & R3 000 & & Repairs Expense \\ EFT3 & 11 & BIG Hardware & & R4 000 & R4 000 & & & & \\ EFT4 & 15 & Wages & & R6 500 & & R6 500 & & & \\ EFT5 & 28 & H Venter (Salary) & & R18 000 & & R18 000 & & & \\ EFT6 & 28 & Wages & & R6 500 & & R6 500 & & & \\ TOTALS & & & & R70 500 & R20 000 & R31 000 & R19 500 & & \\ Send me the next one 📸