As a bookkeeper or accounting professional, it is crucial to have a comprehensive understanding of the general journal and the process of entering correcting entries, as well as the principles for reconciling outstanding balances in 130-180.

• Explain the purpose and process of using a general journal.
• Describe the steps involved in entering a correcting entry and provide an example of such an entry.
• Outline the general principles for reconciling outstanding balances.
• Explain how you would record a transaction from the statement that decreases the bank balance.

Answer rating: 100% (QA)

1 Purpose and Process of Using a General Journal Purpose The general journal is a chronological record of all financial transactions of a business It serves several purposes Records transactions not c... View the full answer