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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What are special journals, and why are they used? What are the major special journals? Give an example of transactions that would be recorded in each journal.

To determine

State the meaning of special journals, explain the reason for which it is being used, state the major special journals and give an example of transactions that is recorded in each journal.

Explanation

Special journals:

Special journal allows a company to record the particular types of repeated and similar transactions.

Purposes of special journal are as follows:

  • It divides the tasks of accounting
  • It reduces the time that is needed to complete the numerous activities of accounting.
  • It creates a chronological listing of transactions that are similar in nature...

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