Special Journal: Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

Question No. 1
The purchase of merchandise on account appears in the .
Question No. 2
The journal used to record sales of merchandise on account is known as the .
Question No. 2
The journal used to record sales of merchandise on account is known as the .
Question No. 3
A document used by a buyer to show a decrease in the amount previously recorded owing to seller is referred to as a .
Question No. 4
The total of the sales journal is posted as a to accounts receivable and a to the sales account.
Question No. 5
The only column in the purchase journal that will not be posted in total is the column.
Question No. 6
Accounts receivable and accounts payable in the general ledger are classified as .
Question No. 7
Merchandise returned by customers are recorded in the .
Question No. 8
The total of sales returns and allowances is posted as a to accounts receivable.
Question No. 9
Any transaction that cannot be recorded in a special journal is recorded in the .
Question No. 10
Credit sales are recorded in the .

Frequently Asked Questions

What is the Special Journal?

A Special Journal is a place where you can track your spending and saving habits. This can be helpful to stay mindful of your spending and identify areas where you may be able to save money. You can also use this journal to keep track of any other financial goals that you may have.

How often should I update my Special Journal?

There is no one-size-fits-all answer to this question, as the contents of your journal will depend on your specific needs and goals. However, some suggested items to track include your income, expenses, debts, and assets. You may also want to track your net worth over time to see how your finances are changing.

How often should I update my Special Journal?

How often should I update my Special Journal?

What should I do if I encounter a problem while using my Special Journal?

If you are having difficulty using your journal or encounter any other problems, the best thing to do is to seek help from a financial advisor. They can assist you in setting up your journal and help you to achieve your financial goals.

Why do companies use Special Journal?

Companies use Special Journals to record repetitive transactions affecting the same set of accounts if the transactions have a consistent description.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

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