Sales Journal

Transaction

Debits

Credits

Invoice on account

Accounts Receivable*

Sales Income, Freight, and

Sales Tax Payable

Credit memo

Sales Income, Freight, and

Sales Tax Payable

Accounts Receivable*

Transaction

Debits

Credits

Invoice on account

Accounts Receivable*

Sales Income, Freight, and

Sales Tax Payable

Credit memo

Sales Income, Freight, and

Sales Tax Payable

Accounts Receivable*

Finance Charge

Accounts Receivable*

Finance Charge Income

Sale of non-stock, labor or

service items

Cost of Sales

Salary and Wage Expense

Sales Journal

(or miscellaneous item

expense)

Sale of stock or assembly

items
Cash Receipts Journal

Cost of Sales

Inventory

Transaction

Debits

Credits

Cash sale (payment made

directly on invoice)

Cash

Accounts Receivable*

Transaction

Debits

Credits

Payment of invoice on
account

Cash

Accounts Receivable*

Cash Receipts Journal

Sales discount applied to an Sales Discount Income

invoice

Cash

Prepayment

Cash

Accounts Receivable*

Apply prepayment to
invoice

Accounts Receivable*

Cash

Cash sale of non-stock,

labor, and service items

Cash, Cost of Sales

Sales Income, Salary and

Wage Expense (or
miscellaneous item expense),

and Sales Tax Payable

Cash sale of stock or

assembly

Cash, Cost of Sales

Sales Income, Inventory, and

Sales Tax Payable

Transaction

Debits

Credits

Purchase of expense on
account

Purchase Expense

Accounts Payable*

Purchase of stock or
assembly items on account

Inventory

Accounts Payable*

Purchase Orders Journal

Purchase of non-stock, labor, Salary and Wages Expense

or service items on account
(or miscellaneous item
expense)

Accounts Payable*

Credit memo

Accounts Payable*

Inventory or Purchase
Expense

Debits

Credits

Purchase Journal
Transaction

Purchase of expense on
account

Purchase Expense

Accounts Payable*

Credit memo

Accounts Payable*

Inventory or Purchase
Expense

Purchase of non-stock, labor, Salary and Wages Expense

or service items on account
(or miscellaneous item
expense)

Accounts Payable*

Purchase of stock or
assembly items on account

Accounts Payable*

Inventory

Cash Disbursements Journal

Transaction

Debits

Credits

Cash purchase (payment

made directly on invoice)

Accounts Payable*

Cash

Cash Disbursements Journal

Transaction

Debits

Credits

Payment of invoice on
account (Payments only)

Accounts Payable*

Cash

Purchase discount applied to Cash

an invoice (Payments only)

Discount Taken Expense

Cash purchase of an expense Purchase Expense

Cash

Prepayment (Payments only) Accounts Payable*

Cash

Apply prepayment to
invoice (Payments only)

Accounts Payable*

Cash

Cash purchase of non-stock, Salary and Wages Expense

labor, or service items
(or miscellaneous item
expense)

Cash

Cash purchase of stock or

assembly

Inventory

Cash

Transaction

Debits

Credits

Gross Wages

Salary and Wage Expense

Cash

Employee-paid taxes

Cash

Employee Payroll Tax

Payable

Employer-paid taxes

Employer Payroll Tax

Expense

Employer Payroll Tax

Payable

Employee-paid deductions

Cash

Deduction (Benefit) Expense

Employer-paid deductions

Deduction (Benefit) Expense Deduction (Benefit) Payable

Payroll Journal

Commission or Bonus

Commission/Bonus Expense Cash

or Salary and Wage Expense

Employee Advances/Loans Employee Advances

Cash

(Other Current Asset)

Employee Payment of
Advance/Loan

Cash

Employee Advances
(Other Current Asset)

Quotes Journal
Transaction

Debits

Credits

Invoice on account

Accounts Receivable*

Sales Income, Freight, and

Sales Tax Payable

Credit memo

Sales Income, Freight, and

Sales Tax Payable

Accounts Receivable*