Thursday, March 27, 2008


A journal is the chronological, day-to-day transactions of a company. Revenue by sources are recorded in the sales journal and cash receipts journal. Expenses by sources are recorded in the accounts payable journal and cash disbursements journal. A general journal is used to record period ending adjusting journal entries. The Payroll Journal is dedicated to payroll entries. The general journal is used for occasional and year-end adjusting and correcting entries. The Standard Entries Journal is for adjusting entries that occur monthly, such as depreciation and matching FICA

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