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Recording Process: Journalize: 1. General Journal

The document outlines the different types of journals used in the recording process, including the general journal, purchases journal, sales journal, return outwards journal, return inwards journal, cash payment journal, and cash receipts journal. Each journal has a specific purpose, such as the general journal being used for opening/closing entries, non-current asset transactions, and adjustments, while the purchases and sales journals record credit purchases and sales of inventory.

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Frack Tack
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54 views2 pages

Recording Process: Journalize: 1. General Journal

The document outlines the different types of journals used in the recording process, including the general journal, purchases journal, sales journal, return outwards journal, return inwards journal, cash payment journal, and cash receipts journal. Each journal has a specific purpose, such as the general journal being used for opening/closing entries, non-current asset transactions, and adjustments, while the purchases and sales journals record credit purchases and sales of inventory.

Uploaded by

Frack Tack
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Recording process: Journalize

1. General Journal
a. Opening and closing journal entries
b. Purchase and sales of non-current assets on credits
c. Adjusting entries and reversing entries done at the end of an accounting period
d. Correction of errors done at the end of an accounting period
e. All other transactions not recorded in any other journal
2. Purchases Journal
a. Records CREDIT PURCHASES of goods (inventory)
3. Sales Journal
a. Records CREDIT SALES of goods (inventory)
4. Return outwards Journal/ purchase return journal
a. Records returns in respect of goods purchased
5. Return inwards Journal / sales return journal
a. Records returns in respect of goods sold
6. Cash payment Journal
a. Records cash and/or cheque payments (cash disbursements journal)
7. Cash receipts Journal
a. Records cash and/or cheque received

General Journal
Date Details Folio Debit Credit

Purchase Journal

Date Particulars Invoice no. Folio Amount (RM)

Sales Journal

Date Particulars Invoice no. Folio Amount (RM)


Return Outwards Journal

Date Particulars Credit note Folio Amount (RM)


/ Debit note
no.

Return Inwards Journal

Date Particulars Credit note Folio Amount (RM)


/ Debit note
no.

Cash Receipt Journal

Date Cheque Details Folio Cash Bank Discount Account Sales Other
no. allowed receivable accounts

Cash Payment Journal

Date Cheque Details Folio Cash Bank Discount Account Purchase Other
no. received payable accounts

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