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WEEK SIX (6)
TOPIC: JOURNAL AND CASH ACCOUNT
CONTENTS:
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- General Journal Uses
- Opening and Closing Entries
- Correction of Errors
SUB-TOPIC 1: GENERAL JOURNAL:
General Journal:
General journal is designed as an all-purpose book- this means that any business transaction can be conveniently recorded in it. But its entries are usually restricted to records of opening and closing entries of business e.g.
- The purchases or the sales of fixed asset on credit,
- Correction of errors,
- adjustment in account
- purchases of new business
- and other transfer
General Journal is also called Journal proper; it is also part of the books of original entry in which are recorded the initial entries in chronological order.
USES OF GENERAL JOURNAL:
- Opening entries
- Closing entries
- Correction of errors
- Transfer between accounts
- Purchases of fixed asset on credit
- Sales of fixed assets on credit
- To answer questions on double entry
CLASSES OF ENTRIES
Simple Entries: Only two accounts are involved. One account will be debited and another credited.
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