MANAGEMENT

Detailed explanation-1: -The accounting transactions are recorded in the journal in chronological order.

Detailed explanation-2: -The journal entries are usually recorded using the double entry method of bookkeeping. Each transaction is recorded in two columns, debit and credit. For example, if you purchase a piece of equipment with cash, the two transactions are recorded in a journal entry.

Detailed explanation-3: -These journals are the sales journal, cash receipts journal, purchases journal, and cash disbursements journal. There could be more specialty journals, but the four accounting areas represented by these journals contain the bulk of all accounting transactions, so there is usually no need for additional journals.