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R. Kuldip. Summers Company Tark Company and WRRT. Enter the transactions in the journals and post as appropriate. 28 Paid B. Ricardo monthly salary 1 400 with check no. 84. 31 Purchased land from M. Lon for 20 000 paying 5 000 with check no. 4 shipments 368. Sold merchandise to R. Kuldip 2 000 terms 1/10 n/30 invoice no. 725. Purchased advertising on credit from WRRT invoice dated October 13 900 terms n/20. Foot and crossfoot the journals. Purchases and General Journals P 2. The following...
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01
Make sure you have a special-purpose journal form for the specific purpose you need to document.
02
Identify the required fields or sections on the form such as date, description, amount, and any other relevant information.
03
Begin by filling out the date field with the correct date of the transaction being recorded in the journal.
04
Provide a brief but clear description of the transaction or event in the corresponding description field.
05
Enter the amount of the transaction, whether it is a debit or credit, in the designated amount field.
06
If necessary, include additional information or any supporting documentation in the appropriate section provided.
07
Continue this process for each transaction or event that needs to be recorded in the special-purpose journal.
08
Review and double-check the entries made in the journal to ensure accuracy and completeness.
09
Store the filled-out special-purpose journal in a secure and organized manner for future reference or auditing purposes.
Who needs special-purpose journals?
01
Businesses and organizations that deal with complex financial transactions often need special-purpose journals to record and track specific types of transactions.
02
Accountants or bookkeepers who want to maintain accurate and detailed records of certain transactions may also utilize special-purpose journals.
03
Individuals or businesses that need to comply with specific industry regulations or reporting requirements may require special-purpose journals.
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Any entity that wants to analyze and review specific categories of transactions separately may find special-purpose journals beneficial.
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Special-purpose journals are particularly useful for recording transactions related to sales, purchases, payroll, cash receipts, cash disbursements, and inventory management.
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What is special-purpose journals?
Special-purpose journals are specialized accounting journals used to record specific types of transactions, such as sales, purchases, cash receipts, or cash disbursements.
Who is required to file special-purpose journals?
Special-purpose journals are typically used by businesses and organizations to maintain accurate records of their financial transactions.
How to fill out special-purpose journals?
Special-purpose journals are filled out by recording each transaction in the appropriate journal based on its nature, such as sales in the sales journal, purchases in the purchases journal, etc.
What is the purpose of special-purpose journals?
The purpose of special-purpose journals is to organize and streamline the recording of specific types of transactions, making it easier to track and analyze financial data.
What information must be reported on special-purpose journals?
Special-purpose journals typically include details such as date, description of the transaction, account numbers, and amounts.
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