Format of Special Journals
In General Journal, transactions are recorded in several lines (see Figure 1), and each transaction is posted to the general ledger separately. For example, if fifty sales on account were made during one day, fifty ledger postings would have to be made to three general ledger accounts: Accounts Receivable, Sales, and Sale Tax Payable. In special journal, transactions are recorded in a single line, and the format of the journal made it possible to post only the total amount for each account to the general ledger. For example, if fifty sales on account were made during one day, only the total amount for Accounts Receivable, Sales, and Sales Tax Payable were posted to the general ledger. Thus the posting process is more efficient. Figure 2 shows the example formats of the Special Journals.
SALES JOURNAL
Date | Sale No. | To Whom Sold | Post. Ref. | Accounts Receivable Debit | Sales Credit | Sales Tax Payable Credit |
---|---|---|---|---|---|---|
April 1 | 900 | A. Smith | $1,000.00 | $940.00 | $60.00 | |
April 1 | 901 | B. Johnson | $2,000.00 | $1,880.00 | $120.00 | |
April 1 | 902 | C. Chang | $1,000.00 | $940.00 | $60.00 | |
April 4 | 904 | D. Garcia | $1,000.00 | $940.00 | $60.00 |
CASH RECEIPT JOURNAL
Date | Account Credited | Post Ref. | General Credit | Accounts Receivable Credit | Sales Credit | Sales Tax Payable Credit | Cash Debit |
---|---|---|---|---|---|---|---|
May 1 | B. Johnson | $1,000 | $1,000 | ||||
May 3 | C. Chang | $1,000 | $1,000 | ||||
May 5 | A. Smith | $1,000 | $1,000 | ||||
May 8 | Interest Receivable | $400 | $400 |
PURCHASES JOURNAL
Date | Invoice No. | From Whom Purchased | Post Ref. | Purchased Debit / Accounts Payable Credit |
---|---|---|---|---|
June 2 | 6321 | BCD Corp. | $12,000 | |
June 5 | 12D | Telecom8 Inc | $800 | |
June 21 | 412 | Furniture-X | $2,000 |
CASH PAYMENTS JOURNAL
Date | Check No. | Account Debited | Post Ref. | General Debit | Accounts Payable Debit | Purchases Credit | Cash Credit |
---|---|---|---|---|---|---|---|
July 1 | 1254 | Rent Expense | $1,200 | $1,200 | |||
July 2 | 1255 | BCD Corp. | $12,000 | $1,200 | |||
July 2 | 1256 | Furniture-X | $1,200 | $1,200 |
Read more about this topic: Special Journal
Famous quotes containing the words special and/or journals:
“Mr. Christian, it is about time for many people to begin to come to the White House to discuss different phases of the coal strike. When anybody comes, if his special problem concerns the state, refer him to the governor of Pennsylvania. If his problem has a national phase, refer him to the United States Coal Commission. In no event bring him to me.”
—Calvin Coolidge (18721933)
“Could slavery suggest a more complete servility than some of these journals exhibit? Is there any dust which their conduct does not lick, and make fouler still with its slime?”
—Henry David Thoreau (18171862)