Question

Which of the following is always recorded in the general journal?

a. rendering services for cash

b. purchases of supplies on account

c. rendering services on account

d. closing entries

Solution

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Answered 2 months ago
Answered 2 months ago
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The four special journals are the following:

Sales Journal

This is where we record all the sales transactions that are on account.

Purchase Journal

This is where we record all the purchases that are made on account.

Cash Receipts Journal

This is where we record transactions that involve the receipt of cash such as cash sales, interest, etc.

Cash Disbursement Journal

This is where we record transactions that resulted in a cash payment.

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