Final answer:
The Cash Journal includes Petty Cash, Cash Disbursement Journal, Cash Sales Orders, and Cash Receipts Journal, all of which are vital for tracking a company's cash transactions and ensuring accurate financial records.
Step-by-step explanation:
The elements of the Cash Journal typically include the following components:
- Petty Cash: A small amount of cash on hand that is used for minor expenses.
- Cash Disbursement Journal: A record of all cash payments, including operating expenses, payments to creditors, and other disbursements.
- Cash Sales Orders: Documentation for cash transactions where goods or services are sold and paid for with cash.
- Cash Receipts Journal: A record of cash received by the business, such as income from sales, interest, and dividends.
These components are essential for accurately tracking and managing a company's cash flows and ensuring proper financial record-keeping.