Journal Entry

Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction.

Record of the accounting information for a business transaction. The entry is made in a journal and then posted to the ledger. The journal entry has a date, account(s) debited, and account(s) credited. If there is more than one debit or credit, it is referred to as a compound entry. Total debits must equal total credits. The journal entry is accompanied by a short explanation.