Course Content

  • Journal Entry

Course Content

FAQs

Journal entry is a process of recording an event that occurred during a given period of time in order to give effect to its economic impact on the period. This entry would involve receiving one asset and paying out another asset, with the total value of the assets received and paid out each accounting period being equal.

Journal entry is the process of recording the changes in an organization or entity's assets, liabilities, and equity over a given period of time. They are used to track important financial events such as revenues, expenditures, gains and losses.

A ledger is a book that keeps track of money. A journal is a notebook or a diary. Although these two items might seem similar, the main difference between them is their purpose.

Because the transaction is entered first in the journal, it is called the original book of entry. The ledger, on the other hand, is referred to as the second book of entry since the ledger's transactions are transferred from the journal to the ledger.

Journal is a bookkeeping term. It is a record of goods and transactions in a specific period of time. A journal entry is the record of an accounting transaction. A journal can refer to both the physical ledger and the recorded transactions made on it.

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