SPECIAL JOURNAL Definition

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SPECIAL JOURNAL contains records of original entry other than the general journal that are designed for recording specific types of transactions of similar nature, e.g. Sales Journal, Purchase Journal, Cash Receipts Journal, Cash Disbursements Journal, and Payroll Journal.

Learn new Accounting Terms

COMPENSATING ERROR is the name given to the situation where one mistake cancels out the effect of a second mistake.

MERCHANDISE is commodities offered for sale or to engage in the trade of commodities that are for sale.

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