which of the following journals is called an all-purpose journal course hero

Which of the following journals is called an all purpose journal?

The correct option is (A) general journal.

Which of the following is not a special journal?

c) The general journal is not considered a special journal.

In which special journal should the following transaction be recorded purchase of supplies for cash?

The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal ((Figure)) with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account.

Which of the following is recorded in the cash receipts journal?

A cash receipts journal is used by companies to record all cash received from any source. This includes cash sales, receipt of funds from a bank loan, payments from customer accounts, and the sale of assets.

Is general journal A special journal?

Difference between special journal and general journal For example all the credit sales are recorded in special journal and all the credit purchases are recorded in purchases journal. General journal is used to record all other transactions which no special journal is maintained.

What are the five special journals in accounting?

Examples of special journals are the cash receipts journal, cash disbursements journal, payroll journal, purchases journal, and sales journal.

When specialized journals are used the general journal is not necessary?

When specialized journals are used, the general journal is not necessary. The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

What is general journal with example?

General Journal: Explanation The general journal is a diary of business equities. Throughout time, the general journal has been referred to in many ways. For example, it is also known as the book of original entry, the primary book, the book of primary entry, and the book of first entry.

What is special journals and vouchers?

Special journals (in the field of accounting) are specialized lists of financial transaction records which accountants call journal entries. In contrast to a general journal, each special journal records transactions of a specific type, such as sales or purchases.

What is the purpose of the cash receipts journal?

A Cash receipts journal is a specialized accounting journal and it is referred to as the main entry book used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts.

What is the purpose of cash payment journal?

The cash payments journal is used to record the cash a business pays out. how to record cash payment transactions.

What is recorded in CRJ?

Meaning of CRJ CRJ means cash receipt journal. In CRJ, we record only cash receipts. There are lots of sources of receiving cash, so, we can make different columns in this journal. In higher classes, this journal is not made, it is included in the debit side of cash book.