Categories: Lesson Notes

SS1 First Term Financial Accounting Lesson Note – Journal and Cash Account

The content is just an excerpt from the complete note for SS1 First Term Financial Accounting Lesson Note – Journal and Cash Account. Check below to download the complete DOCUMENT

WEEK SIX (6)         

TOPIC: JOURNAL AND CASH ACCOUNT

CONTENTS:

    1. General Journal Uses
    2. Opening and Closing Entries
    3. 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.

To gain full access to the note: DOWNLOAD FILE

Sunday

Share
Published by
Sunday

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

3 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

3 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

3 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

3 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

3 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

3 months ago