Question

(I will MARK AS BRAINLIEST)

Answer 1

Answer:

See the explanation below.

Explanation:

a. What is journal?

A journal refers to a book of original entries that contains a chronological record of commercial transactions in line with the double entry principle.

As a result, a journal can be described as a book that keeps track of business transactions on a daily basis.

b. Mention objectives of a journal

The objectives of a journal are as follows:

1. To present necessary information in a logical and orderly manner.
2. To keep a systematic record of all financial transactions.
3. Assist in the preparation of ledgers.
4. To keep track of transactions in a data-driven (chronological) manner.
5. To offer legal proof of commercial transactions.

c. Journal Specimen

Note: See the attached photo for a journal specimen

A journal specimen simply refers to an example of how a journal look like. The attached photo provides a set of transactions (question) at the top and journal specimen (answers or entries for recording the transactions below the question.

From the attached photo, it can be observed that a journal must contain the following columns:

• Date: This indicates the date that a transaction occurred.
• Particulars: This gives records of the accounts to be debited and the account be credited
• Ledger folio (LF): This records the ledger account's page number where the posting has been made.
• Debit: This shows amount that is debited.
• Credit: This shows amount that credited.