Journalizing
Journalizing is the recording of transactions in a journal. Double-entry accounting is the foundation of modern-day business record keeping. It sets the rules that corporate bookkeepers must follow when posting economic events. It includes recording a debit and credit. Debits go on the left and credits on the right.
When you journalize a debit you are making money. When you journalize a
credit you are taking out money. A special journal is a journal used to record
only one kind of transaction.
credit you are taking out money. A special journal is a journal used to record
only one kind of transaction.
5 Types of Special Journals:
General Journal- For general less common transactions that don't fit in another special journal
Cash Receipts Journal- Cash is received in the transaction
Cash Payments Journal- Cash is paid in the transaction
Sales Journal- For sales on account
Purchases Journal- For purchases on account
Cash Receipts Journal- Cash is received in the transaction
Cash Payments Journal- Cash is paid in the transaction
Sales Journal- For sales on account
Purchases Journal- For purchases on account