In which order monthly transaction are recorded in a journal?
Answers
Answer:
Journal Entry Format
Transactions are recorded in all of the various journals in a debit and credit format, and are recorded in order by date, with the earliest entries being recorded first. These entries are called journal entries (since they are entries into journals)
The answer is shown below:
Explanation:
The journal entries are the first step of the accounting cycle that record the transaction of the business. It is recorded in the sequential order.
Lets we take an example. The salary is paid for cash $2,000 on January 1.
So, to recording this transaction, the following format is required
Date Name of the Account Debit Credit
January 1 Salary expense A/c Dr $2,000
To Cash A/c $2,000
(Being salary paid is recorded)
Since the salary is an expense so we debited the account and the cash is paid so we credited the cash account
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