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CHAPTER 16Special Journals:
Sales and Cash Receipts
BEFORE
YOUREADWhat You'll LearnPredict1. Identify the special journals
and explain how they are
used in a merchandising
business.1.
2.
3.
4.2. Record
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How to fill out special journals
How to fill out special journals:
01
Begin by gathering all the necessary information and documents relevant to the special journal you are filling out. This may include invoices, receipts, purchase orders, sales orders, and any other pertinent records.
02
Identify the specific type of special journal you are working with, such as a sales journal, purchase journal, cash receipts journal, or cash disbursements journal. Each special journal serves a different purpose and records specific types of transactions.
03
Start by recording the date of the transaction in the appropriate date column of the special journal.
04
Input the relevant details of the transaction in the corresponding columns. This includes the names of the parties involved, such as the customer or vendor, as well as any additional information required for that particular type of journal.
05
Record the transaction amount in the designated column, making sure to accurately calculate and document any discounts, taxes, or other adjustments.
06
Double-check all entries for accuracy and completeness before moving on to the next transaction. This helps to ensure the integrity of the journal and the accuracy of the financial records.
07
Repeat the process for each transaction that needs to be recorded in the special journal. Be diligent in maintaining a chronological order and clear organization.
08
At the end of a specified period, such as a month or a fiscal quarter, total the columns of the special journal. This will provide you with the necessary information to reconcile accounts, create financial statements, and analyze business performance.
Who needs special journals:
01
Small and medium-sized businesses often use special journals as part of their bookkeeping and accounting processes. These journals help to efficiently record and track specific types of transactions, improving accuracy and reducing the time required for data entry.
02
Accountants and bookkeepers rely on special journals to maintain organized and accurate financial records. By categorizing transactions into specific journals, it becomes easier to analyze and summarize financial information for reporting and decision-making purposes.
03
Special journals are particularly beneficial for businesses that frequently engage in certain types of transactions. For example, a retail business that has high sales volume may find a sales journal essential for recording daily sales transactions. Similarly, a manufacturing company may use a purchase journal to track regular inventory purchases.
In conclusion, filling out special journals involves accurately recording and categorizing transactions in the designated columns. These journals are useful for businesses of various sizes and industries, as well as for accountants and bookkeepers who rely on clear and organized financial records.
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What is special journals?
Special journals are specialized accounting records used to record specific types of transactions like sales, purchases, cash receipts, and cash disbursements.
Who is required to file special journals?
Businesses of all sizes are required to use special journals to accurately record and track their financial transactions.
How to fill out special journals?
Special journals are usually filled out manually or using accounting software, with details of each transaction recorded in the appropriate journal.
What is the purpose of special journals?
The purpose of special journals is to streamline the recording process by categorizing transactions and providing a more detailed breakdown of financial activities.
What information must be reported on special journals?
Special journals must include details such as the date of transaction, description, account debited or credited, and amount of the transaction.
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