Explanations »

General journal

Chapter overview:
  • Explain what is a general journal and a journal entry.
  • Explain the difference between simple and compound journal entry.
  • Make journal entries for frequent transactions encountered in a trading business such as sale and purchase of merchandise, returns inwards and returns outwards, depreciation on fixed assets, cash discount, and other expenses etc.

Number of pages: 9
Approximate time required: 1.5 - 2 hours

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