Question

No journal entry is made for

Answer 1

Whenever you create an accounting transaction, at least two accounts are always impacted, with a debit entry being recorded against one account and a credit entry against the other account. If a transaction were not in balance, then it would not be possible to create financial statements.

Answer 2

Journal entry:

• Financial transactions that go in and out of your business are recorded in journal entries.
• All of these transactions are kept in the general journal, which is the company's book.
• In the accounting cycle, journal entries are the initial stage.
• The most important thing to remember about accounting journal entries is that they all use the double-entry system.