Journal is used because of the following advantages:
• A journal contains a permanent record of all the business
transactions.
• The journal provides a complete chronological (in order of the
time of occurrence) history of all business transactions and
the task of later tracing of some transactions is facilitated.
• A complete information relating to one single business
transaction is available in one place with all its aspects.
• The transaction is provided with an explanation technically
called a narration.
• Use of the journal reduces the possibility of an error when transactions are first recorded in this book.
• The journal establishes the quality of debits and credits for a stransaction and reconciles any problems. If a business
purchases a bicycle, it is necessary to decide whether the
bicycle represents ordinary goods or machinery. Further any
amount paid is debited to bicycle account and credited to
cash account.
lydiajane74 answered the question on May 9, 2018 at 19:54
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