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Even when special journals are used, closing journal entries are recorded in the general journal.
Special Journals
Accounting journals designed for recording a specific type of transaction in a detailed manner, such as sales or purchases.
General Journal
A bookkeeping journal where all types of financial transactions are initially recorded, before being transferred to specific accounts in the general ledger.
Closing Journal Entries
Entries made at the end of an accounting period to transfer balances from temporary to permanent accounts.
- Acknowledge the critical nature and purpose of the general journal.
- Learn the techniques involved in the entry of transactions into general and specialized journals.
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Learning Objectives
- Acknowledge the critical nature and purpose of the general journal.
- Learn the techniques involved in the entry of transactions into general and specialized journals.
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