Unformatted text preview: allowances would be recorded in the general journal. So would sales returns and allowances. Similarly, correcting , adjusting , and closing entries are recorded in the general journal . Other types of special journals may sometimes be used in some situations. For example, when sales returns and allowances are frequent, special journals may be used to record these transactions. Special journals permit greater division of labor because several people can record entries in different journals at the same time. For example, one employee may journalize all cash receipts, and another may journalize all credit sales. Also, the use of special journals reduces the time needed to complete the posting process . With special journals, some accounts may be posted monthly, instead of daily, as will be illustrated later in the chapter....
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.
- Spring '11