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:
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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.