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JC 01 fo TH The Learning journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career goals. Please complete the following tasks: Happy House Bakeshop uses a cash receipts journal, a sales journal purchases journal, cash disbursements journal, cash receipts journal, and a general journal. 1. Identify which journal should be used to record each of the following transactions? A. Adjusting entry to record depreciation B. Purchase of baking equipment on credit C. Sale of merchandise on credit D. Sale of merchandise for cash E. Cash refund to a customer who returned a product that was purchased F. Return of merchandise to a vendor that was damage G. Payment of property taxes H. Purchase of a delivery van for cash 1. Purchase of merchandise on credit 2. Explain how special journals can benefit accounting personnel 3. Explain what you have learned about companies using special journals. 4. What information covered in Unit 4 interest you most and why

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Answer 1

1.

A. General journal

B. Purchase journal

C. Sales journal

D. Cash receipt journal

E. General journal

F. General journal

G. General journal

H. Cash disbursement journal

I. Sales journal

2.

A special journal is useful in book keeping or in manual accounting to reduce the burden of recording both debit and credit entry of account in the general ledger.

The four special journals are:

(i) Sales journal : This journal records all credit sales.

(ii) Purchase journal : This journal records all credit purchase.

(iii) Cash disbursement journal : This records all cash payments.

(iv) Cash receipts journal : This records all cash disbursement.

To eliminate the repetitive transactions is the benefit of using special journal instead of general journal. This basically reduces the burden of the accounting personnel. Special journal is basically for the frequent nature of transactions that occur in the business in a repititive way. If in all of the above mentioned special journal the entry it is not fitted then it will be recorded in the general ledger.

It also increases the efficiency of the work. The accountant. There is an reduction in book keeping errors. It reduce the detailed posting of every accounts and also it manages time effectiveness and save time for the accountant.

3.

To record the transaction in the general journal, then record it to the general ledger is a very lengthy and time taking process. To reduce the time and to work in an efficient manner, companies started special journal system.

Special journals method is used by the companies to record the transaction of a repititive nature. The transactions are documented in one line special journal. Instead of posting separate accounts it will total each columns at the end of the accounting peroid.

The companies create special journals for the repetitive transactions which include sales journal, purchase journal, cash receipts journal and cash disbursement journal. Excluding these four items rest of the transactions are recorded in general journal.

Sales journal include all credit sales made by the company in the accounting peroid. Cash sales made by the company and also sales return does not included in the sales journal.

Purchase journal include all credit purchase made by the company in the accounting peroid. Cash purchase and purchase return not included in the purchase journal.

Cash receipts journal includes all cash transaction which are received by the company in the accounting peroid but the cash receives must be in a repititive nature then only it will come under the category of cash receipts journal.

Cash disbursement journal includes the transaction that decreases the cash balance if the conpany that will be recorded as cash disbursement journal.

Excluding all the four special journals, if the transaction doesn't meet the criteria of the Above journals then it will be posted in the general journal entries.