[Debit] Revenue receivable
[Credit] Accrued revenue
[Debit] rent income receivable [Credit] rent income
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
A journal records what you're findings are
You record he credit entry for transaction (a) 5/1 in the journal as
debit to payroll expense credit to accured payroll
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
It is termed as Journal entry.
The General Journal
Interest A\c Dr Accured debenture Cr
If a company gives a director a loam of 15000 you will record it on the debit section of the general journal entry.
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.