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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Why is it advantageous to a company to initially record each of its transactions in a journal?

To determine

State the reason for which it is advantageous for a company to initially record each of its transaction in a journal.

Explanation

General journal:

General journal is used by the companies to record “transactions, events, and arrangements”. The advantages of using general journal are explained below:

  • It assists in preventing errors, because the accounts and debit and credit amounts for each transaction are originally recorded on a single journal page, instead of directly recording in the various accounts...

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