What is the purpose of the general journal?

Solutions

Expert Solution

Solution:-

What is the purpose of the general journal:-

In an accounting system, an organization's financial data flows from the General Journal, and though the General Ledger, to the Trial Balance, finding its way onto the Financial Statements

The terms "journal" and "diary" apply to a record of events that is maintained on a regular basis. As it pertains to bookkeeping, a journal is a record of transactions listed as they occur that shows the specific accounts affected by the transaction. For example, your journal for Monday might contain entries for the sales of Widget A, Gadget B and Widget C. The journal can tell you how much your total sales were for Monday, which might be handy if you want to compare Monday sales with Wednesday sales. However, if you want to know how much of your monthly income was derived from Widget C sales, you would have to locate every sale of that item in your journal and total them.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

What is the purpose of publishing in a scientific journal?

Part 1 – General Journal – Post the following journal entries to the general journal. ...

Part 1 – General Journal – Post the following journal entries to the general journal. Trans. Date Description 1 May 1 Sell 50,000 shares of common stock for $50,000 to obtain the funds necessary to start your business. 2 May 1 Borrow $20,000 from the local bank and sign a note promising to repay the full amount of the debt in 5 years. 3 May 1 Issue 1,500 shares of $2 par value preferred stock at $30/share. 4 May...

What are the journal entries in the general journal for December 2020? Part I: December Journal...

What are the journal entries in the general journal for December 2020? Part I: December Journal Entries Record the following entries in general journal form for December 2020: December 1: Recorded sales on account of $80,000, 2/15, net 30. Cost of inventory was $53,500. W. Forest Mills, Inc. using the net method for accounting for sales. December 2: Purchased Land for a future building site for $600,000, paying $100,000 down and signed a 4%, 90-day note for the balance. December...

In general, what is the purpose of a checkpoint in the cell cycle?

Part 2 – General Journal (LO3-2) – Post the following journal entries to the general journal....

Part 2 – General Journal (LO3-2) – Post the following journal entries to the general journal. ? Trans: May 1 Sell 100,000 shares of common stock for $100,000 to obtain the funds necessary to start your business. ? May 1 Borrow $50,000 from the bank and sign a note promising to repay the full amount of the debt in 5 years. ? May 1 Issue 1,000 shares of $2 par value preferred stock at $30/share. ? May 1 ? Purchase...

GENERAL JOURNAL 1)Post the transactions from the general journal to the general ledger accounts. To confirm...

GENERAL JOURNAL 1)Post the transactions from the general journal to the general ledger accounts. To confirm that the posting has been performed, a posting reference is recorded in the Post Ref. column in the general journal. Date Account and Explanation Post Ref. Debit Credit Jun 1 Cash 104,000 Jun 1 Capital 104,000 (capital contribution) Jun 1 Music Equipment 48,000 Jun 1 Cash 48,000 (cash purchase of equipment) Jun 1 Cash 186,000 Jun 1 Bank Loan Payable 186,000 (received cash loan)...

What do you post in a general journal and how

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General...

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General Ledger provided and then prepare an Unadjusted Trial Balance. March 1Dunlop invested $30,000 cash and buildings worth $150,000 in the company March 2The company rented equipment by paying $2,000 cash for the first month’s (March) rent. March 5The company purchased $2,400 of office supplies for cash. March 10The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on March...

Q1. What is the purpose of a Journal and a Ledger? (1M) Q2. The following are...

Q1. What is the purpose of a Journal and a Ledger? (1M) Q2. The following are account balances (in thousands) of International Medical Service Center. Prepare a statement of operations for the year ended December 31, 2018 (4M) Net property and equipment SAR 2,000 Accounts receivable SAR2,000 Medical claims payable SAR45,000 Patient service revenue (net of contractuals) SAR 950,000 Supply expense SAR 255,000 Net assets released from restriction for operations SAR 45, 000 Depreciation expense SAR 35,000 Transfer to parent...

1. What is a difference between general purpose processor and single purpose processor? Also write the...

1. What is a difference between general purpose processor and single purpose processor? Also write the Advantages and disadvantages, and how they complement each other. 2. Give one ESD hypothetical application and discuss SOC system.

Subjects