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

August 7th, 2011 Comments off
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Journals as part of the original or prime book of entry plays the following roles:

The journal are 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; and

In bookkeeping, the journals are also used to record ANY other transactions for which there is no other book of prime entry.

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