Special journal:
Special journal refers to the journal that is used to record a single kind of transaction which occurs frequently. It is one of the methods in manual system that is used to processing the financial transactions more efficiently.
Revenue journal:
Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to customer on account (credit).
Cash receipts journal:
Cash receipts journal refers to the journal that is used to record the all transaction which is involve the cash receipts. For example, the business received cash from customer (service performed in cash).
Purchase journal:
Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.
Cash payments journal:
Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).
General journal:
General journal is the journal that is used to record all adjusting and closing entries at the end of the particular accounting period. In simple, the transactions which are not recorded in the special journal that transactions are recorded in the general journal.
To identify: The types of journal from the given T-account of P Consulting Company.
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Chapter 5 Solutions
2 Semester Cengage Now, Warren Accounting
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