Accounting·Basic accounting systems · NSSCO 2.7
The General Journal
Narrated lesson · press play
Some transactions fit none of the special journals — a bad debt, goods the owner takes home, a machine bought on credit, a mistake to fix. The General Journal is their home. We'll learn its layout, work through eleven real journal entries from opening the books to closing transfers, and then post one entry into the ledger.
What you'll learn in this lesson
By the end you should be able to (NSSCO Accounting 2.7):
- Explain the importance and uses of the General Journal
- Prepare journal entries, including those to record: opening entries; bad debts; drawing of inventory; donation of goods; interest charged on overdue accounts (interest received and interest paid); purchase of non-current assets on credit; purchase of consumables on credit; correction of errors; adjustments; closing transfers
- Post from the General Journal to the ledgers
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