Show account titles and explanation column in journal, Accounting Basics

Assignment Help:

Account titles and explanation column

The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account title to the right. For example in Exhibit 8 we show the debit to the Cash account and then the credit to the Capital Stock account. Any essential explanation of a transaction appears on the line(s) below the credit entry and is indented halfway between the accounts debited and credited. A journal entry explanation ought to be concise and yet complete enough to describe fully the transaction and prove the entry's accuracy. While a journal entry is self explanatory we omit the explanation.


Related Discussions:- Show account titles and explanation column in journal

What is the end-of-period worksheet, What is the end-of-period worksheet ...

What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba

Determine the various approaches to product costing, Details: Costing prod...

Details: Costing products is a matter of considerable importance to organizations. The need for accurate product costs ranges from cost identification for inventory valuation purp

Full form of wcc, Full form= Winter compensation from contributions.

Full form= Winter compensation from contributions.

Explain about income statement, Q. Explain about income statement? The ...

Q. Explain about income statement? The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period

Buffer inventory is required, Compensation for the uncertainties inherent i...

Compensation for the uncertainties inherent in supply and demand

Organisation for accounting and finance, A characteristic organization char...

A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ

Illustrate retail inventory method, Terry Dorsey started Dorsey Hardware a ...

Terry Dorsey started Dorsey Hardware a tiny hardware store two years ago and has struggled to make it successful. The first year of operations effected in a substantial loss in the

Show depreciation formula with example, Q. Show depreciation formula with e...

Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (

Show adjustments for deferred items, Q. Show Adjustments for deferred items...

Q. Show Adjustments for deferred items? This segment discusses the two types of adjustments for deferred items asset/expense adjustments and liability/revenue adjustments. In t

Enumerate about the income summary account, INCOME SUMMARY ACCOUNT This...

INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The

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