Final answer:
The 'general journal' does disclose complete transaction effects, provides a chronological transaction record, and can assist in preventing or locating errors, but it does not prove that all debits and credits have been posted.
Step-by-step explanation:
The general journal contributes to the recording process in several ways, but one option provided is not correct. Let's review each statement to identify which one is NOT a contribution of the general journal:
- It discloses the complete effect of a transaction in one place: This is true; the general journal provides a comprehensive record of each transaction, showing both debits and credits affecting the accounts.
- It proves that all debits and credits have been posted: This is not true; while the general journal records transactions, the proof of postings, or the fact that the transactions have been posted to ledger accounts, is not provided by the journal. Instead, the ledger or a trial balance proves postings.
- It provides a chronological record of transactions: This is true; the general journal records transactions in the order in which they occur.
- It helps to prevent or locate errors: This is true to an extent; by providing a clear and detailed record of transactions, the general journal can assist with identifying discrepancies during the posting process or when reviewing the accounts.
The option that is NOT a contribution of the general journal is 'It proves that all debits and credits have been posted.' This is because proving postings is a function of account ledgers and trial balances, not the journal itself.