BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Special journals (in the field of accounting) are specialized lists of financial transaction records which accountants call journal entries. In contrast to a general journal, each special journal records transactions of a specific type, such as sales or purchases.

Detailed explanation-2: -∎ special journal – a journal used to record only one kind of transaction. ∎ cost of merchandise – price a business pays for goods it purchases to sell. ∎ Markup – the amount added to the cost of merchandise to establish the selling price.

Detailed explanation-3: -The cash receipts journal is used to record all receipts of cash for any reason. Anytime money comes into the company, the cash receipts journal should be used.

Detailed explanation-4: -The four main special journals are the sales journal, purchases journal, cash disbursements journal, and cash receipts journal. These special journals were designed because some journal entries occur repeatedly.

Detailed explanation-5: -The main difference between a general journal and the special journal is that the general journal includes all transactions for a business, while the special journal includes only specific types of transactions.