Question
Highlight four uses of a journal proper.
Answer
- Opening and closing entries
- Sale of fixed assets on credit
- Purchase of fixed assets on credit
- Correction of errors
- Writing off bad debts
- Issue of debentures and shares by companies
- Sale of fixed assets on credit
- Purchase of fixed assets on credit
- Correction of errors
- Writing off bad debts
- Issue of debentures and shares by companies