List the activities recorded under Journal entry.
Answers
ANSWER.
List of activities
List of activitiesThe accounts in which the debits and credits are to be reported.
List of activitiesThe accounts in which the debits and credits are to be reported.The entry date.
List of activitiesThe accounts in which the debits and credits are to be reported.The entry date. The accounting duration during which the journal entry will be recorded.
List of activitiesThe accounts in which the debits and credits are to be reported.The entry date. The accounting duration during which the journal entry will be recorded.The name of the person going to record the entry.
List of activitiesThe accounts in which the debits and credits are to be reported.The entry date. The accounting duration during which the journal entry will be recorded.The name of the person going to record the entry.Any administrative authorization.
List of activitiesThe accounts in which the debits and credits are to be reported.The entry date. The accounting duration during which the journal entry will be recorded.The name of the person going to record the entry.Any administrative authorization.A distinct number to recognize the journal entry.
List of activitiesThe accounts in which the debits and credits are to be reported.The entry date. The accounting duration during which the journal entry will be recorded.The name of the person going to record the entry.Any administrative authorization.A distinct number to recognize the journal entry. If the entry is a one-time entry, a recurring or a reversal entry.
A brief / memo / reference description.
Answer:A journal entry is used to record a business transaction in the accounting records of a business. A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger. The general ledger is then used to create financial statements for the business.
The logic behind a journal entry is to record every business transaction in at least two places (known as double entry accounting). For example, when you generate a sale for cash, this increases both the revenue account and the cash account. Or, if you buy goods on account, this increases both the accounts payable account and the inventory account.
How to Write a Journal Entry
The structure of a journal entry is:
A header line may include a journal entry number and entry date.
The first column includes the account number and account name into which the entry is recorded. This field is indented if it is for the account being credited.
The second column contains the debit amount to be entered.
The third column contains the credit amount to be entered.
A footer line may also include a brief description of the reason for the entry.
Thus, the basic journal entry format is:
Debit Credit
Account name / number
$xx,xxx
Account name / number
$xx,xxx
Explanation: