Difference Between a ‘Discount Allowed’ and a ‘Discount Received' - Economics Assignment Help

Assignment Task:

Question 1 What are Cash Receipts and Cash Payments journal? Why are they used? What source documents are used to enter transactions into the journals? Write up to 2 paragraphs.

Question 2 What is the difference between a general journal and a special journal? Use a bulleted list with 1-2 line explanations where necessary.

Question 3 Why would a business benefit from using a multi-column cash journal as opposed to a simple format? Give examples of the types of businesses that would use one over the other. Aim for 2-3 paragraphs.

Question 4 Explain the function of the following columns in a Cash Receipts Journal. Write 1-2 lines for each.

• Posting Reference
• Sundries

Question 5 Outline how you would design a cash payments journal give reasons for your design and include an example. Write 2-3 paragraphs.

Question 6 Briefly explain the difference between a ‘discount allowed’ and a ‘discount received’? How are these items shown in the cash journal (you may use an example for this part of the question)? 

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