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

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WEEK SIX (6)         

TOPIC: JOURNAL AND CASH ACCOUNT

CONTENTS:

1. 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.

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