BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A general journal is a book of raw business transactions recorded in chronological order by date. It is the first place a transaction is recorded. The amounts are then posted to the appropriate accounts such as accounts receivables, cash accounts or asset accounts.

Detailed explanation-2: -A general journal is a chronological accounting record of a company’s financial transactions. The main purpose of this is to assist in the reconciliation of accounts and to assist with producing financial statements.

Detailed explanation-3: -General journal A general journal is an all-purpose journal because all business transactions are recorded.

Detailed explanation-4: -Transactions are recorded in all of the various journals in a debit and credit format, and are recorded in order by date, with the earliest entries being recorded first. These entries are called journal entries (since they are entries into journals).

Detailed explanation-5: -A general journal is where business transactions and events are first recorded and, for that reason, it is often called a “book of first entry”. Records are entered in the general journal in chronological order and are available all in one place so that the management and accountants can easily analyze the data.