The Use of the Journal
13 September 2012
Element 3.2 in Unit 3 Preparing Ledger Balances and Initial Trial Balance includes the use of the journal, which students must know.
The journal is a book of prime entry and is used for those transactions which are not recorded in any other book of prime entry.
Such transactions would include:
• Purchase and sale of fixed assets
• Opening entries
• Correction of errors
• Other infrequent transactions and adjustments.
One of the main functions of the journal is that it acts as a notebook, detailing the...