Explain the Goals and Uses of Special Journals

question 86

Essay

Explain the goals and uses of special journals.

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Definitions:

Note Payable

A written promise to pay a specific sum of money, usually with interest, on a certain date or dates to the holder of the note.

Accounts Payable

Liabilities representing amounts owed to creditors for goods and services received but not yet paid for.

Additional Paid-in Capital

The amount of money paid by investors for shares above the par value, typically reflecting the excess over the nominal value of shares issued.

Net Income

The remaining profit for a company after removing taxes and expenses from its total income.