What are simple journal entries, Accounting Basics

Assignment Help:

Q. What are simple journal entries?

To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts require not contain explanations of all the entries since any needed explanations can be obtained from the general journal.

Remember that no dollar signs appear in journals or ledgers. While amounts are in even dollar amounts accountants leave the cents column blank or use zeros or a dash. When they utilize lined accounting work papers, decimal points or commas are not needed to record an amount. When they utilize unlined paper they add both commas and decimal points.

The three-column general ledger accounts of Micro Train Company after the journal entries have been posted. Each ledger account would show on a separate page in the ledger. Trace the postings as of the general journal to the general ledger to make sure you know how to post journal entries.

All the journal entries exemplify so far have involved one debit and one credit these journal entries are called as simple journal entries. Numerous business transactions, but affect more than two accounts. The journal entry for these transactions engages more than one debit and/or credit. Such journal entries are called as compound journal entries.


Related Discussions:- What are simple journal entries

Financial documents, when discrepancies occured on financial documents,what...

when discrepancies occured on financial documents,what consequences will arise?

Employ governmental accountants, Governmental agencies at the state, federa...

Governmental agencies at the state, federal, and local levels employ governmental accountants. Habitually the duties of these accountants relate to tax revenues and expenditures. F

General-purpose financial statements, Q. General-purpose financial statemen...

Q. General-purpose financial statements? Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties a

Banking sector, effects of technology in banking sector

effects of technology in banking sector

What is instance financial reporting, Q. What is Instance financial reporti...

Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i

5 multiple choice questions, 1. PDQ Corp. has sales of $4,000,000; the firm...

1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the

Importance of proper inventory valuation, Q. Importance of proper inventory...

Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i

What is a view as it relates to system modeling, A view organizes diagrams ...

A view organizes diagrams into logical groups to explain a particular aspect of the system. It is the abstraction of the system prepared is such a way as to give a perspective of a

Draw a stem-and-leaf plot for the data set, Draw a stem-and-leaf plot for t...

Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.)  Data set A: The annual wages of

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