List the four special journals that are often used in a manual accounting information system. State what types of transactions are recorded in each of these special journals.
What will be an ideal response?
1. Sales journal: used to record sales on account
2. Cash receipts journal: used to record cash receipts
3. Purchases journal: used to record purchases of inventory and other assets on account
4. Cash payments journal: used to record cash payments
You might also like to view...
Dividends are an example of an expense
Indicate whether the statement is true or false
In what way might a marketer rely on opinion leaders?
What will be an ideal response?
The noun "proceeds" uses a plural verb
Indicate whether the statement is true or false
Decentralized firms can delegate authority by structuring an organization into responsibility centers. Which of the following organizational segments is most like a totally independent, standalone business where managers are expected to "make it on their own"?
A. Cost center. B. Investment center. C. Revenue center. D. Contribution center. E. Profit center.