This document provides a comprehensive summary of general journals, including tips and step-by-step explanations. It is great for last minute revision and will allow you to succeed. The Cheat Sheet to General Journals and Sales Journals
Books of prime entry
abbreviations and definitions
hayleyk notes
CB-Cash book:
the account which keeps track of all the cash transactions of the business
GJ-General journal:
used to record all transactions that do not go into the other books of prime entry
Sj-sales journal:
is a record of credit sales
Pj-purchases journal:
is a record of credit purchases
PRJ-purchases returns journal:
is a record of goods purchased on credit returned to the supplier
SRJ-Sales return journal:
is a record of goods sold on credit returned
Topics covered
tips
steps to drawing up a general journal
writing a narrative
steps to drawing up a sales journal
calculation examples
hayleyk notes
, Tips
hayleyk notes
how to know whether to debit or credit a transaction
using DEADCLIC
Debit
put your transaction
Expenses under the correlating header
e.g. owner took goods from
Assets
his business
Drawings this is drawing therefore
drawings fall under debit so the
Credit
account will be debited
Liabilities
Income
Capital
hayleyk notes
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