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4- What do you mean by journals and journalizing?
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Answer / aqeel raza
Journal is a book or diary columnar designed to make easy record keeping but journalizing is the method of recording transaction in general journal or in specified journals but where cash book is used instead of journals, journal entry affects general ledger or to its subsidiary ledger accounts.
In business, sale or purchase on credit; the payment of which made later; is journalized by journal voucher which effect debtor or creditor accounts.
All adjustments such as sales discount, purchase discount, sale return, purchase return, transfer of amount from an account to another account and so on in accounts are made through journalizing.
Journalizing mostly affects general ledger consists on permanent accounts and sometimes affects temporary accounts for adjustment purposes.
Because of journalizing, we find the actual balance of debit and credit fluctuating immediately from the process of journalizing facilities one to pay or receive the amount payable or receivable.
Journalizing is mostly used for correction the amount of an account or transfers the balance from an account to another account freely.
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