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Sales Journal:
The journal where all the credit sales of merchandise are recorded is called a Sales Journal.
Cash Receipts Journal:
Cash receipts journal records all type cash receipts of a business organization like cash sales, collections from debtors, loans and borrowings etc.
Purchases Journal:
It is the journal where all the purchase on accounts or credit purchase of merchandise, supplies, equipment etc. are recorded.
Cash Disbursements Journal:
The journal where all the cash payments are recorded is called a cash payment journal like cash purchases of equipment, supplies, inventories and payment to creditors.
General Journal:
The transactions which are not recorded in the special journals namely, sales journal, purchase journal, cash receipt journal, and cash disbursement journal are recorded in the general journal.
To determine:
1. Locating the transactions related to January through March 2018 for Business Solutions in Chapter 5.
2. Preparing sales journal, cash receipts journal, purchases journal and cash disbursement journal for January through March 2018.
3. Journalizing the transaction for general journal.
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Chapter 7 Solutions
Loose Leaf for Fundamental Accounting Principles
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