What is the purpose of the general journal?

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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 2 years ago

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