The Use of the Journal

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...

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