What is the 4 special journal?
The four main special journals are the sales journal, purchases journal, cash disbursements journal, and cash receipts journal. These special journals were designed because some journal entries occur repeatedly. The four main special journals are the sales journal, purchases journal, cash disbursements journal, and cash receipts journal. Journal can be of two types – a specialty journal and a general journal. A specialty journal records special events or transactions related to the particular journal. There are mainly four kinds of specialty journals – Sales journal, Cash receipts journal, Purchases journal. Many general journals have five columns: Date, Account Title and Description, Posting Reference, Debit, and Credit. To write a journal entry you need to figure out which accounts are affected, which items decrease or increase, and then translate the changes into debit and credit. A complete journal entry is made of 6 elements: a reference number, date, account section, debits, credits, and a journal explanation.