Journals: Journals are prepared to record business transactions. There are two types of journals: Special Journals: Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows: Sales journal Sales Return Journal Purchase journal Purchase return journal Cash receipts journal Cash payment journal General Journal: All the business transactions which do not belong to special journals are recorded using General journal. To prepare: The Cash Receipts Journal and journal entries for the Cash received recorded in the Cash Receipts Journal

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Chapter 7, Problem 7QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To prepare:

The Cash Receipts Journal and journal entries for the Cash received recorded in the Cash Receipts Journal

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