Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 38 - No. 31)
What is the purpose of the 'Journal entries' shown?
To give an overview of the process.
To ensure that revenue and expense are matched in the accounting period.
To update the general ledger.
To prevent miscalculation of the accounts.
Explanation
Journal entries make sure that the revenue and expense are recognized in the correct accounting period and they update the accounts in the general ledger.
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