0
step 1
analyze and identify the transaction.
step 2
label the column
step 3
step 4
step 5
step 6
brief explanation
..enxa nah..yan lng alam qoh ihh...
^_^jhe
Wiki User
∙ 13y ago
- Identify the transaction: Determine the nature of the business transaction that has occurred.
- Analyze the transaction: Understand which accounts are impacted by the transaction and the amount involved.
- Record the transaction: Debit and credit the appropriate accounts based on the accounting equation (Assets = Liabilities + Equity).
- Post to the general ledger: Transfer the journal entry information to the general ledger accounts.
Add your answer:
Earn +20 pts
What are the procedures for journalizing and posting transactions?
steps and procedure in journalizing?
What are the 7 steps in journalizing?
The 7 steps in journalizing are: identify the transactions, analyze the transactions, decide the accounts impacted, record the transaction in the journal, post the transaction to the ledger, prepare a trial balance, and prepare financial statements.
Steps in journalizing?
Journalizing is an accounting concept where you enter receipts into the general ledger. It requires entering all the information into the correct columns, including date and amount, and deciding what account it should be subtracted from.
What are the steps in journalizing reversing entries?
gago ka pala ikaw yung nag aaral ako tatanungin mo..!!
What statements best describes journalizing transaction?
Journalizing must be done daily.
What best describes journalizing transactions?
Which of the following statements best describes journalizing transactions? a written account of the daily experiences and impressions of an individual
what is the process of initially recording a business transaction is called?
journalizing
The process of initially recording a business transaction is called?
Journalizing
What does journalizing transactions mean?
It is recording the transaction, including a brief explanation.
The process of recording transactions in the journal is called posting?
No, it's journalizing.
Why do we indent in journalizing?
Indenting in journalizing helps to clearly separate different pieces of information within the journal entry. It improves readability and makes it easier to distinguish between the date, account names, descriptions, and amounts in the entry. Additionally, proper indentations can also help in identifying relationships between debit and credit entries.
What are the phases in accounting cycle?
Collecting daa, transaction analysis, journalizing transaction, posting to ledger account, preparing a trial balance
