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Cash receipts journal: A cash receipts journal is a special journal which records all the cash receipts in the business. The cash sales, cash purchases, and the cash collections are recorded in the cash receipts journal.
Cash payments journal: A cash payments journal is the special journal that records all the cash payments and the cash disbursements in the business.
Sales journal: A sales journal is a type of special journal which records the transactions of credit sales and the sales of the merchandise on account. As sales transactions are very frequent in the business, this special journal called as sales journal is prepared.
Purchases journal: A purchases journal is a special journal which records the transactions of goods purchased on account. As purchases transactions are very frequent in the business, this special journal called as purchases journal is prepared.
General journal: A general journal records those entries which are not recorded in the special journal. The entries which are frequent in the business are recorded in the special journal. The entries except those are recorded in the general journal like the closing entries,
To indicate: The journal in which the transaction is recorded.
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Chapter 7 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
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