Question

explain five uses of journal in bookkeeping

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Answer 1

Answer:

We will illustrate the use of Journal entries with Examples.

DISPOSAL OF ASSETS ON CREDIT.

CORRECTION OF ERRORS.

DOUBLE ENTRY TRANSACTIONS.

FOR RECORDING OPENING ENTRIES.

TRANSFER OF ITEMS BETWEEN ACCOUNTS.

FOR RECORDING TRANSACTIONS THAT DO NOT OCCUR REGULARLY.

PURCHASES OF ASSETS ON CREDIT.

Explanation:

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