Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

general journal

Read a random definition: after-acquired evidence

A quick definition of general journal:

General journal: A special book used by businesses to write down transactions that don't fit into other books. It's like a catch-all for anything that doesn't have its own special place. Businesses use it to keep track of all the money coming in and going out. They can then use this information to make important decisions. There are rules that businesses have to follow when using the general journal, called GAAP.

A more thorough explanation:

A general journal is a type of accounting journal that businesses use to record transactions that do not fit into any of their specialized journals. These specialized journals include sales journals, purchase journals, and cash receipts journals. The general journal is used to record transactions that are unique or infrequent, such as adjusting entries, depreciation, and bad debt expenses.

For example, if a business purchases a new piece of equipment, they would record the transaction in the general journal. Another example would be if a business needs to record an adjusting entry for accrued expenses at the end of the month, they would use the general journal.

The general journal is important because it allows businesses to document all of their day-to-day inflows and outflows of the business to be used later in the ledger. The ledger is a record of all the accounts used by the business, and the general journal provides the information needed to update these accounts.

Overall, the general journal is a crucial tool for businesses to maintain accurate financial records and comply with generally accepted accounting principles (GAAP).

general intent | general jurisdiction

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.