CHAPTER 5: JOURNALS
Large businesses will have
many different transactions that occur frequently every day.
To ensure that the recording
of the different types of transactions take place efficiently, it is essential
to use different types of journals known as special journals.
Examples of the different
types of transactions include sales of goods, purchases of goods, returns
of goods, purchases of equipment or furniture or supplies.
These transactions can either
be for cash or on credit.
Thus some examples of special
journals to record the different transactions could include Sales Journal,
Sales Returns (or Returns Inwards) Journal, Purchases Journal, Purchases Returns
(or Returns Outwards) Journal, General Journal, Cash Book.
Alan Goh Jiang Wee © 2001-2002
