How is a journal entry recorded?, Accounting Basics

Assignment Help:

Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed.

? Enter the Journal entry number
? Enter the Date of transaction
? Enter the Debit item (as per the golden principles of accountancy)
? Enter the corresponding GL folio number
? Enter the Debit amount

 


Related Discussions:- How is a journal entry recorded?

Exercise 5-3 analyzing and recording merchandise, Exercise 5-3 Analyzing an...

Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invo

Traditional body of accounting theory, Q. Traditional body of accounting th...

Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop

Why justin maul wasn''t concerned, Kim presently owns a business that proce...

Kim presently owns a business that processes and distributes fresh vegetable to local supermarkets. She is looking to expand her business by acquiring the Lackawaxen Emu Oil Compan

Explain about amortize, Q. Explain about Amortize? Amortize -- to charg...

Q. Explain about Amortize? Amortize -- to charge a regular part of an expenditure over a fixed period of time. Forinstance if something cost $100 and is to be amortized over te

Fifo under perpetual inventory procedure, Q. FIFO under perpetual inventory...

Q. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r

Importance of the bank statement, Importance of The bank statement Bank...

Importance of The bank statement Bank sends out bank statements each month. It's significant that this statement and checking account balance balances. There are certain items

Human resource accounting, Human Resource Accounting: Way back in the ...

Human Resource Accounting: Way back in the year 1964 the first attempt to comprise figures on human capital in the balance sheet was made through Hermansson that later came to

The percentage analysis of changes of corresponding items, The percentage a...

The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals

Prepare the accounting journal and fasb, Scanlon Technologies, Inc. Ann...

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

Solvency ratios (long term), S olvency Ratios (Long Term): These Ratios m...

S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd