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:
- To present necessary information in a logical and orderly manner.
- To keep a systematic record of all financial transactions.
- Assist in the preparation of ledgers.
- To keep track of transactions in a data-driven (chronological) manner.
- 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.
