Special Journals and Ledgers Flashcards
Name the 6 types of journals
General Journal, Sales Journal, Sales Returns Journal, Purchases Journal, Purchases Returns Journal, Cashbook
Name the three types of ledgers
General Ledger, Sales Ledger, Purchases Ledger
What type of transactions are recorded in the sales journal?
Credit sales of goods
What type of transactions are recorded in the purchases journal?
Credit purchases of goods
What type of transactions are recorded in the purchases returns journal?
Returns of goods to credit suppliers
What type of transactions are recorded in the sales returns journal?
Customer returning goods sold on credit. (credit sales returns)
What type of transactions are recorded in the cash book?
All cash transactions, and discounts received and allowed
What type of transactions are recorded in the general journal?
All transactions not recorded in the other journals. (e.g. depreciation, allowance for impairment of TR, impairment of inventory, etc.)
What type of accounts appears in the purchases ledger?
Trade payables
What type of accounts appears in the sales ledger?
Trade receivables
What type of accounts appears in the sales ledger?
All other accounts (except trade receivables and trade payables) and the control accounts.
State the source of information (journal) and ledger for this transaction.
Discount allowed
Cash book, General ledger
State the source of information (journal) and ledger for this transaction.
Amount estimated to be uncollectible on 31 December 2018 was $1000.
General Journal, General Ledger
State the source of information (journal) for this transaction.
Sold goods for $1600 on credit to Thomas. The goods cost $300.
Sales Journal, Sales ledger
State the source of information (journal) for this transaction.
Bought goods for $500 in cash.
Cashbook, General Ledger
