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Recording Transactions a. List the steps to record transactions in the purchases
Chapter 17, Problem 2(choose chapter or problem)
Recording Transactions
a. List the steps to record transactions in the purchases journal.
b. Bank service charges are automatically deducted from the bank account. Why are these charges recorded in the cash payments journal?
Questions & Answers
QUESTION:
Recording Transactions
a. List the steps to record transactions in the purchases journal.
b. Bank service charges are automatically deducted from the bank account. Why are these charges recorded in the cash payments journal?
ANSWER:Step 1 of 3
Transaction recording is the process of updating books of accounts based on certain rules and accounting principles. This transaction recording is done in journal, ledger and special books of entry. Transactions are recorded against some source document.