
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 cash receipts journal, all the transactions related to cash receipts are recorded in the cash receipts journal and all the cash sales are also recorded in the cash receipts journal since it will be considered as cash receipt.
The format of Cash Receipts journal is as follows –
Cash Receipts Journal | ||||||
Date | Account Credited | Cash Dr | Sales Discount Dr. | Accounts receivables Cr. | Sales Cr. | Other Accounts Cr. |
To prepare:
Headings for cash receipts journal and Journalize the November Transactions that should be recorded in the cash receipts journal
Cash Receipts Journal | ||||||
Date | Account Credited | Cash Dr | Sales Discount Dr. | Accounts receivables Cr. | Sales Cr. | Other Accounts Cr. |
Nov-09 | Notes Receivables | 3,750 | 0 | 0 | 0 | 3,750 |
Nov-13 | J. Ali, Capital | 5,000 | 0 | 0 | 0 | 5,000 |
Nov-18 | Sales | 330 | 0 | 0 | 330 | 0 |
Nov-27 | J. Than | 980 | 20 | 1,000 | 0 | 0 |

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Chapter 7 Solutions
Loose Leaf for Fundamental Accounting Principles
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