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Picture

Lesson 55: Journals - Payables (Creditors)

By now you know that an accounting system uses specialised journals for specific tasks: 
  • Cash movements get recorded in the Cash Receipts and Cash Payments journals. 
  • Sales on credit are recorded in the Debtors Journal. 
  • Credit-sale returns are recorded in the Debtors Allowance Journal. 

Similarly, purchases by the business are captured in special journals: 
  • Purchases on credit are recorded in the Creditors Journal. 
  • Credit-purchase returns are recorded in the Creditors Allowance Journal. 

The Creditors Journals have a creditor’s control column where the Cash Journals have a Bank column. ​

Resources
  1. Student Workbook - Lesson 55 [1.3MB] - download​
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  • Home
  • Color-Accounting-Bootcamp
    • Benefits
    • 0. Introduction
    • 1. Funding Butterfly
    • 2. BaSIS Framework
    • 3. Classic Tx - v6.0X >
      • Tx01. Loan
      • Tx02. Contributed equity
      • Tx03. Repay loan
      • Tx04. Purchase equipment
      • Tx05. Purchase inventory
      • Tx06. Cash Sale COS
      • Tx07. Window cleaner
      • Tx08. Credit Sale COS
      • Tx09. Shop cleaning
      • Tx10. Gift card
      • Tx11. Account received
      • Tx12. Prepaid Sale COS
      • Tx13. Prepaid advertising
      • Tx14. Depreciation
      • Tx15. Advertising
      • Tx16. Pay supplier
    • 3. Classic Tx PizzaBox >
      • Tx01. Loan
      • Tx02. Contributed equity
      • Tx03. Repay loan
      • Tx04. Purchase equipment
      • Tx05. Purchase inventory
      • Tx06. Cash Sale COS
      • Tx07. Window cleaner
      • Tx08. Credit Sale COS
      • Tx09. Shop cleaning
      • Tx10. Gift card
      • Tx11. Account received
      • Tx12. Prepaid Sale COS
      • Tx13. Prepaid advertising
      • Tx14. Depreciation
      • Tx15. Advertising
    • 4. Summary learnings
    • 5. Business narrative
    • 6. Extenders
  • Virtual Learning
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    • SeanStuff
    • Color Accounting
    • Curriculum Approach >
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    • Contact Us
    • Newsletter
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