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What types of transactions are recorded in each of the following journals: Revenue, Purchase, Cash receipts,...

What types of transactions are recorded in each of the following journals: Revenue, Purchase, Cash receipts, Cash payments, and General

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Answer #1

Revenue Journal is used to record revenue earned by the company. Transactions like providing services on account, selling goods for cash.

Purchase Journal is used to record transactions made by the business on credit or account. Transactions like purchase of supplies on account, purchase of goods or services on credit.

Cash Receipts Journal is used to record all cash inflows of the business i.e. all cash receipts. Transactions like receiving cash for rent, investment of additional capital into the business.

Cash Payments Journal is used to record all cash outflows of the business i.e. all cash payments. Transactions like cash payment to suppliers, purchase of equipment for cash.

General Journal is used to record transactions relating to adjustment entries, transfer entries, opening entries, entries for accounting errors, etc

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