Question

the process of journalising involves certain steps with the helps of example
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Answer 1

Answer:

Steps in Journalising:

1) Determine the two accounts involved in the transaction.

2) Classify the accounts into assets, liabilities, capital, expenses and incomes.

3) Apply the rules of debit and credit for the above two accounts.

4) Identify which account is to be debited and credited.

Explanation:

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