Recording Credit And Sundry Transactions Flashcards
1
Q
What is a debtor?
A
A person or business that owes money.
2
Q
What is a creditor?
A
A person or business to whom money is owed.
3
Q
What credit transactions should be recorded in the cashbook?
A
Payments on accounts
4
Q
Are there any specific columns for collecting similar transactions in the GJ?
A
No
5
Q
Where are bookkeeping errors typically corrected?
A
The GJ
6
Q
What is the purpose of general ledger reconciliation statements?
A
To correct discrepancies, errors, incorrect double-entries, misallocations, missing entries and incorrect calculations.
