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.
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Famous quotes containing the words general and/or journal:
“According to the historian, they escaped as by a miracle all roving bands of Indians, and reached their homes in safety, with their trophies, for which the General Court paid them fifty pounds. The family of Hannah Dustan all assembled alive once more, except the infant whose brains were dashed out against the apple tree, and there have been many who in later time have lived to say that they have eaten of the fruit of that apple tree.”
—Henry David Thoreau (1817–1862)
“The Journal is not essentially a confession, a story about oneself. It is a Memorial. What does the writer have to remember? Himself, who he is when he is not writing, when he is living his daily life, when he alive and real, and not dying and without truth.”
—Maurice Blanchot (b. 1907)