
Concept Introduction:
Types of Journal: There are two types of journal in which a transaction is reflected or recorded.
The two types of journals are –
• Special Journals that includes, sales journal, purchase journal, cash receipts journal and cash payment journals. All the transactions related to the type of journal are recorded in the respective journal
• General Journal includes all the transactions other than the above mentioned transactions are recorded in this journal.
In a sales journal, all the transactions related to credit sales are recorded in the sales journal and all the cash sales are recorded in the cash receipts journal since it will be considered as cash receipt.
The format of sales journal is as follows –
Sales Journal | |||||
Date | Account Debited | Invoice Number | PR | Cost of Goods sold Dr. Inventory Cr. | |
To prepare:
Headings for sales journal and Journalize the May Transactions that should be recorded in the sales journal

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Chapter 7 Solutions
Loose Leaf for Fundamental Accounting Principles
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