List the Four Special Journals That Are Often Used in a Manual

question 75

Essay

List the four special journals that are often used in a manual accounting information system.State what types of transactions are recorded in each of these special journals.

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Definitions:

Allowance for Doubtful Accounts

A reserve against the portion of accounts receivable that may not be collectible, reducing the book value to the amount expected to be collected.

Gross Amount

The total or whole amount of something before any deductions, such as taxes or discounts, are made.

Allowance Method

An accounting technique that estimates and sets aside a portion of accounts receivable deemed not collectible.