1.

Explain How Is A Journal Entry Recorded?

Answer»

Journal Entries are recorded on a DOUBLE entry system ie debit and credit CONCEPT. In order to record a journal entry the following steps need to be followed.

  • Enter the Journal entry number.
  • Enter the Date of transaction.
  • Enter the Debit item (as per the golden PRINCIPLES of accountancy).
  • Enter the corresponding GL folio number.
  • Enter the Debit amount.
  • Enter the credit item(as per the golden principles of accountancy).
  • Enter the amount in the credit column.
  • PROVIDE a brief DESCRIPTION of the transaction.
  • leave a single line before next transaction.

Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.


Discussion

No Comment Found

Related InterviewSolutions