Explain how the use of special journals will benefit you as an accountant Date (May) Particulars 1 The landlord was paid $1500 as rent 3 The inventory was purchased on credit from Ron Co for $1500 with a 2 discount, with invoice number 001 4 Customers paid $1000 in cash 6 A cash loan of $6000 in ca...

Using special journals can benefit accountants in several ways 1 Efficiency Special journals are designed to record specific types of transactions suc ...

Explain how the use of special journals will benefit you as an accountant. Date (May) Particulars 1

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Explain how the use of special journals will benefit you as an accountant.

Date (May)	Particulars
1	The landlord was paid $1500 as rent.
3	The inventory was purchased on credit from Ron Co. for $1500 with a 2% discount, with invoice number 001.
4	Customers paid $1000 in cash.
6	A cash loan of $6000 in cash was received from Aid Bank.
8	An advance payment of $500 was made for insurance.
10	Machinery was purchased on credit from Dream Equip Co. for $2500 with a 5% discount, with invoice number 280.
13	Goods were sold on credit to Sam for $1500 with a 4% discount, with invoice number 101.
15	Goods were sold on credit to Lucky for $1000 with a 3% discount, with invoice number 140.
16	Damaged merchandise amounting to $500 was returned to Ron.
16	$200 in interest was received from a bank deposit.
17	Salaries totaling $3000 were paid to employees.
18	Advertising expenses amounting to $1200 were paid.
19	Office furniture was purchased on credit from Looking Good Pvt Ltd. for $1400 on 10% discount with invoice number 275.
19	The employees' business travel expense of $250 was reimbursed.
20	Office supplies were purchased on credit from Rise Co & Sons. for $600 at a discount of 2%, with invoice number 289
20	Depreciation of machinery for the month was recorded as $420.
21	Goods were sold on credit for $1100 with a 7% discount.
22	Payment of $890 with invoice number 146 was made to Jane for the goods purchased.
25	A cash rental payment of $400 was received for a delivery van.
26	$170 was written off as bad debts from collectible accounts receivable.
27	A sale of $1700 was made on credit with invoice number 406.
28	The stationery was purchased on credit from Fancy Stationery for $220 and received a discount of 5% with invoice number 295.
30	An accrued interest expense of $70 for a loan was adjusted and recorded.
30	A cash dividend of $350 was received from a stock investment.
31	An advance payment of $500 was made for property tax.