How is a journal entry recorded?, Accounting Basics

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

 

Posted Date: 3/30/2013 5:15:24 AM | Location : United States







Related Discussions:- How is a journal entry recorded?, Assignment Help, Ask Question on How is a journal entry recorded?, Get Answer, Expert's Help, How is a journal entry recorded? Discussions

Write discussion on How is a journal entry recorded?
Your posts are moderated
Related Questions
#How to make journal entries?

Uses of cash flow statements: The main usefulness of cash flow analysis is that it facilitates the Finance manager to approximation the cash necessities of the firm and match t

Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-

An accounting perspective Business insight Accounting is essential for all three types of business organizations and every company must follow generally accepted accounting pri

Analysing and Recording Process Question A friend knows that you are studying the Business Accounting 1 course, so he approaches you and enquires about the steps of the ana

Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.


Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?

Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)

During the tracking period, 18 March to 21 April 2011, your team is to monitor the performance of the shares and the overall performance of the Australian share-market.  Can you ma