JIT (Just-In-Time) Inventory: An inventory system that allows
for the elimination of inventory stockpiles and inefficiency and waste; raw
materials arrive "just in time" for production and finished goods
"just in time" for sale.
Journal(s): The chronological, day-to-day transactions of
a business are recorded in sales, cash receipts, and cash disbursements journals.
A general journal is used to enter period end adjusting and closing entries
and other special transactions not entered in the other journal.
Journal Entry: A recording of a transaction where debits equal
credits; usually includes a date and an explanation of the transaction.
Journal Proper: A term used to describe the main or general
journal where other journals specific to subsidiary ledgers are also used.