1.

What Are Different Types Of Journal Entries?

Answer»

There are 4 TYPES of journal entries.

  1. BASIC Journal Entry - Used for most of the accounting TRANSACTIONS.
  2. Reversing JE - Created by reversing the existing journal entry.
  3. Recurring JE - Defined once and then generated for subsequent accounting PERIOD.
  4. Mass Allocation - Created to allocate the revenues and assets to a GROUP of resources(cost centers, depts, divisions,etc) from a single Journal.

There are 4 types of journal entries.


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