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In bookkeeping, explain in brief what are journals used for?

August 7th, 2011 / No comments yet

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Journals as part of the original or prime book of entry plays the following roles:

The journal is used as a book of prime entry for:

Correction of errors;
Transfers between ledger accounts;
Purchases and sales of fixed assets;
Opening entries in new set of ledgers;
Any other transactions for which there is no other book of prime entry.

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