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Simple English definitions for legal terms

general journal

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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).

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NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
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