ACCOUNTING JOURNALS

SPECIAL JOURNALS
This is used to record the most frequently occurring transactions. This includes 4 types
namely Purchases journals, Cash payments journals, Sales journals, and Cash receipts journals.

Sales Journal
This special journal records all sales transactions of the business on account.
Informations indicated herein were taken from the sales order.

Purchase Journal
This special journal records all purchase transactions of the business on account.
Informations indicated herein were taken from the purchase order.

Cash Receipts Journal

This special journal records all transactions that involves cash inflows.

Cash Disbursements Journal

This special journal records all transactions that involves cash outflows.

General Journal
This is a chronological record of all the transactions of the business. It shows an explanation of
each transaction, the accounts affected and the amount it increases or decreases. The transactions
are recorded in a two-column journal with a debit and credit side.
General Ledger
This is the "reference book" which contains the summary of all the journal entries of a specific
account. It is used to get the ending balances of the account in order to facilitate the preparation
of the financial statements.

Accounts Payable Subsidiary Ledger

This is a ledger that shows all transactions and amounts that the business owes to each supplier
or vendor from where they purchase on credit.

Accounts Receivable Subsidiary Ledger

This is a ledger that shows all transactions and amounts that the business sold on account
to customers.