Question

What are journal entries

Answer 1

Answer:

A journal is a record of transactions listed as they occur that shows the specific accounts affected by the transaction. Used in a double-entry accounting system, journal entries require both a debit and a credit to complete each entry. So, when you buy goods, it increases both the inventory as well as the accounts payable accounts.

Journal entries are the foundation for all other financial reports. They provide important information that are used by auditors to analyze how financial transactions impact a business. The journalized entries are then posted to the general ledger.

Hope this will help you!!

Answer 2

Answer:

the journal entry will debit Depreciation Expense and will credit Accumulated Depreciation