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Special vs General Journals Explained

The document discusses special journals used in accounting including sales journals, cash receipts journals, purchase journals, and cash disbursement journals. Each journal tracks specific recurring transactions, debiting and crediting appropriate accounts. For example, the sales journal tracks sales on account, debiting accounts receivable and crediting sales. The general ledger shows controlled accounts while the subsidiary ledger provides individual account details for companies.

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300 views1 page

Special vs General Journals Explained

The document discusses special journals used in accounting including sales journals, cash receipts journals, purchase journals, and cash disbursement journals. Each journal tracks specific recurring transactions, debiting and crediting appropriate accounts. For example, the sales journal tracks sales on account, debiting accounts receivable and crediting sales. The general ledger shows controlled accounts while the subsidiary ledger provides individual account details for companies.

Uploaded by

Koi Ki
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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General and Special Journals

Special Journals – recurring transactions

Sales Journal- Are for all sales on account or sales that is still uncollected, Sales on Account

Date/Invoice No./ Account Debited (Name of Co.) /Post Ref./Terms: Accounts Rec. Dr. Sales Cr.

Cash Receipts Journal- Normally limited to sales, Cash is the only debit

Date/ Official Receipt/ Description/ Cash and Sales Discount Debit, Accounts Receivable Sales and Other
Accounts (Account Title, Post Reference, Amount) Credit.

Purchase Journal- Purchase on Account

Date/ Receiving Report/ Account Credited (Name of Co.)/Accounts Payable Credit. Purchases, Supplies,
Purchase Equipment (Account Title, Post Reference, Amount) Debit.

Cash Disbursements

Date/ Check No./ Description/ Cash, Purchase Discounts Credit, Accounts Payable, Purchases and other
accounts (Account Titles, Salaries Payable, Rent Expense, Equipment, Prepaid Insurance, Post Reference,
Amount) Debit.

The General Ledger shows the controlled account

The subsidiary ledger is the one by one account of companies.

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