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Answer:
What is Journal Entry? A Journal Entry is simply a summary of the debits and credits of the transaction entry to the Journal.
What is Journal Entry?
A Journal Entry is simply a summary of the debits and credits of the transaction entry to the Journal. Journal entries are important because they allow us to sort our transactions into manageable data.
Consider the following diagram
How to do a Journal Entry
You’ll notice the above diagram shows the first step as “Source Documents”. Source documents are things such as receipts, invoices, bank statements and credit card statements that are collected during the year so that we have all the information we need when the time comes for us do our accounting/bookkeeping. Obviously, in this tutorial, we won’t be asking you to go out and collect invoices and receipts, so we’ll conveniently “skip” that step for now.
The next step is entering journals. Every time a transaction occurs, it’s recorded using a journal entry.