Uses of The General Journal - SS1 Accounting Lesson Note

The general journal is used to record non-routine or adjusting transactions that cannot be recorded in other specialized journals. The following are some of the uses of general journal:

• Recording adjusting entries such as depreciation, prepaid expenses, and accruals.

• Recording transactions that do not fit into any of the specialized journals.

• Correcting errors made in the specialized journals.

• Recording opening entries, closing entries, and adjusting entries at the end of an accounting period.

• Recording transactions that involve more than two accounts.

• Recording transactions that involve contra accounts or allowance accounts.