These entries are called journal entries (since they are entries into journals). Transactions are recorded in all of the various journals in a debit and credit format, and are recorded in order by date, with the earliest entries being recorded first. Examples of General Journal EntriesĮxamples of transactions recorded in the general journal are asset sales, depreciation, interest income and interest expense, and stock sales. Once entered, the general journal provides a chronological record of all non-specialized entries that would otherwise have been recorded in one of the specialty journals. Instead, by default, all remaining transactions are recorded in the general 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. These journals are the sales journal, cash receipts journal, purchases journal, and cash disbursements journal.
There are four specialty journals, which are so named because specific types of routine transactions are recorded in them. When an event occurs that must be recorded, it is called a transaction, and may be recorded in a specialty journal or in the general journal. The general journal is part of the accounting record keeping system.
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