SPECIAL JOURNALS

Use to record and post transactions that are of the same nature and which
frequently occur.


SALES JOURNAL
Only transactions involving “sale of merchandise on account”
Or “on credit terms” are recorded in this book.

....................................Pro-forma Journal Entries
.................Accounts Receivable..................................Phpxx
..........................Sales ...............................................................Phpxx
..........................Output Tax ..........................................................xx

PURCHASE JOURNAL
Only transactions involving “purchase of merchandise on account” or “on credit terms” are recorded in this book.

....................................Pro-forma Journal Entries
.................Purchases .................................................Phpxx
.................Input Tax ........................................................xx
...........................Accounts Payable........................................Phpxx

CASH RECEIPTS JOURNAL
Only transactions involving “receipts of cash” are recorded in this book such of sale on merchandise in cash, collection from the customer’s account, investment by the owner in terms of cash, cash received from a bank loan, refund from supplier for return of merchandise purchased in cash, etc.

.....................................Pro-forma Journal Entries
....................Cash ........................................................Phpxx
.........................(Various credits as mentioned
..........................Above) ...........................................................Phpxx

CASH DISBURSEMENT JOURNAL
Only transactions involving “cash payments” are recorded in this book such as purchases of merchandise in cash, payments of supplier’s account, owner’s drawing in cash, cash refund to customers whose merchandise purchased in account was returned, cash of fixed assets, payment of expenses, etc.

............................................Pro-forma Journal Entry
................(Various debits) ........................................Phpxx
........................Cash ................................................................Phpxx