1.

Journal and Ledger

- The journal is the first step of the accounting cycle, in which all accounting
transactions are analyzed and recorded as journal entries, whereas the ledger is the
extension of the journal, in which the company records journal entries in its
general ledger account, on the basis of which the company's financial statements
are prepared.

2. General journal and special journal

- A general journal is a book that is used to keep track of all sorts of financial
transactions in a company over a period of time. Special journals, on the other
hand, are journals that are divided into categories based on the kind of transaction.

3. General ledger and subsidiary ledger

- Accounts that record company transactions include the general ledger and
subsidiary ledger. The main distinction between the general ledger and the
subsidiary ledger is that the general ledger is a collection of master accounts where
transactions are recorded, whereas the subsidiary ledger is a collection of accounts
that is connected to the general ledger.

4. Cash receipts journal and cash disbursements journal

- The cash receipts journal works in tandem with the cash disbursement diary. It is
where you record cash or check payments, whereas the cash disbursement journal
might be as basic as a checkbook register.

5. Sales journal and purchase

- Sales Journal is used to record credit sales transactions transferred from sales
invoice and these are recorded chronologically while Purchase Journal records
credit purchases Transactions initially recorded in the purchase invoice according
to date sequence.