Match the following journals with the transactions they primarily record: Cash Payments Journal | Inflow of cash, Purchases Journal | Credit sales, Cash Receipts Journal | Credit p... Match the following journals with the transactions they primarily record: Cash Payments Journal | Inflow of cash, Purchases Journal | Credit sales, Cash Receipts Journal | Credit purchases, Sales Journal | Outflow of cash.
Understand the Problem
The question is asking to match specific journals with the types of transactions they primarily record. Each journal has a distinct purpose in accounting, and the user needs to align them correctly with the described transactions.
Answer
Cash Payments Journal | Outflow of cash, Purchases Journal | Credit purchases, Cash Receipts Journal | Inflow of cash, Sales Journal | Credit sales.
Cash Payments Journal | Outflow of cash, Purchases Journal | Credit purchases, Cash Receipts Journal | Inflow of cash, Sales Journal | Credit sales.
Answer for screen readers
Cash Payments Journal | Outflow of cash, Purchases Journal | Credit purchases, Cash Receipts Journal | Inflow of cash, Sales Journal | Credit sales.
More Information
Special journals in accounting make it easier and more efficient to record recurring transactions by grouping similar transaction types. Each journal is designed to handle specific types of transactions, such as cash-related or credit sales transactions.
Sources
- Special Journals | Financial Accounting - Lumen Learning - courses.lumenlearning.com
- Accounting for Cash Transactions | Wolters Kluwer - wolterskluwer.com
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