Fundamental Accounting Principles
Fundamental Accounting Principles
24th Edition
ISBN: 9781260158595
Author: Wild
Publisher: MCG
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Chapter F, Problem 7QS
To determine

Concept Introduction:

Journals:

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

  1. 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
  1. General Journal:

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

To Prepare:

The journal entries for the transactions to be recorded in the general journal

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