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General Journal Entries, Ledger Accounts, Trial Balance, Income Statement, Statement of Owners Equity and Balance Sheet (Case of Amal Translation)
Finance & Accounting
Pages 5 (1255 words)
General journal entries is the initial point of reporting various transactions of the business into the accounting system. It provide a chronological method of recording all the business transactions.
In simple definition, General journal is a statement where double entry bookkeeping are posted by debiting an accouting followed by a corresponding crediting of another accounting using the same amount (Carl, James and Jonathan, 2008). Both debited and credited amount should be equal to maintain the accounting equation. Based on the available accounting information system, an organization may use specialized journal alongside the generalized journal entries in order to have an effective record keeping system. In this case, the application of a general journal entries can be limited to adjustments, as well as, in non routine entries. Below is a computed General Journal Entrues for various transaction of the Amal Translation. ...
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