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Special Journals: Purposes, Types, and Uses

Explain the purposes of special journals. What are the types of special journals that are typically used in merchandising companies? Explain the uses of special journals.

Solution Preview

There are four special journals that are typically used by merchandising companies that use special journals. The sales journal is used for all sales of merchandise on account transactions. For example, the transaction would contain the words sold merchandise on account or cash sales. The cash receipts journal is used for all cash received transactions including cash sales transactions. For example, transactions with the words received cash, received a check, or cash sales. The purchases journal is used for all purchases of merchandise on account transactions. Transactions of this type would contain the words purchased merchandise on account. The cash payments journal is used for all cash payments ...

Solution Summary

This solution is comprised of a detailed explanation of the purposes, types, and uses of special journals. The explanation of this topic provides students with a clear understanding of the concept as well as information regarding the use of the general journal.

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