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ACCOUNTING CYCLE & ACCOUNTING EQUATION

5m 53s

Up Next in Term 2

  • Cash journals

    We are tackling your understanding of the cash journals of a service business. Cash journals are necessary so we can accurately record information that we see on the cash documents into the records of the business.

  • Entering the cash transactions in the...

    Cash Receipts Journals summaries all business receipts and cash slips issued. We look at the terms that identify whether a transaction needs to be recorded in the CRJ.

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    Cash receipt journal transactions affect the accounting equation in various ways such as cash that comes in as capital to increase owner's equity and receiving income from rendering services.