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Definition: Journal

A journal is a collection of the accounting records for all business financial transactions that take place in the account in a chronological order. It states the date of transaction and the accounts that are affected by the transaction with the amount and it generally uses the double entry bookkeeping method.

All these transactions can then be compiled together to consolidate and prepare the general ledger, which can be further used to generate the different entities that need to be recorded in the balance sheet, income statement and profit-loss statement.


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