The general journal is where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. The total amount debited and the total amount credited should always be equal, thereby ensuring the accounting equation is maintained.
Depending on the business's accounting information system, specialized journals may be used in conjunction with the general journal for record-keeping. In such case, use of the general journal may be limited to non-routine and adjusting entries.
Read more about General Journal: Format
Famous quotes containing the words general and/or journal:
“That sort of half sigh, which, accompanied by two or three slight nods of the head, is pity’s small change in general society.”
—Charles Dickens (1812–1870)
“The writer in me can look as far as an African-American woman and stop. Often that writer looks through the African-American woman. Race is a layer of being, but not a culmination.”
—Thylias Moss, African American poet. As quoted in the Wall Street Journal (May 12, 1994)