Use the template provided and enter the following transaction of Happy Wish. Co in their respective special journal. 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.

Follow the template provided to prepare:

Purchase Journal

Sales Journal

Cash receipt Journal

Cash Journal

General Journal

$2.$ Explain the uses of special journal for accounting personnel.