High-volume businesses route repetitive transactions into dedicated journals to save time and streamline posting. Route each incoming transaction to its proper journal!
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Lesson: The 5 Special Journals
Instead of logging every transaction line-by-line in the General Journal, merchandising companies use 4 specialized journals for repetitive transactions, reserving the General Journal for exceptions:
Special Journal
Acronym
Strict Purpose & Rule
Sales Journal
S / SJ
Only sales of merchandise inventory on account (credit).
Purchases Journal
P / PJ
Only purchases of merchandise inventory on account (credit).
Cash Receipts
CR / CRJ
Any inflow of cash (cash sales, collections from customers, owner investment, bank loans).
Cash Payments / Disbursements
CD / CPJ
Any outflow of cash (checks written to vendors, cash purchases, rent, utilities, payroll).
General Journal
GJ
Non-cash & miscellaneous entries: adjusting entries, closing entries, depreciation, purchase returns on account, sales returns on account.
Common Traps to Avoid:
• Cash Sale: Goes into the Cash Receipts Journal, NOT the Sales Journal!
• Buying Office Equipment on Credit: Goes into the General Journal, NOT the Purchases Journal (P is for resale inventory only)!