Accounting began in Italy by a man named Luca Pacioli, he wrote a book in about 1470 which he described the double entry system and debits and credits. Many people say that he simply got the ideas from merchants in Venice that used the system and he just publicised the facts.
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WHOS was created in 1948-10.
Correcting entries correct errors. Adjusting entries fine tune the accounts.
Closing entries comes first as name shows post closing entries are after closing entries and it is as simple as name suggests.
Journal entries are recorded as soon as financial transaction occures while adjusting entries are made to rectify the previously made journal entries.
Adjusting entries helps to achieve the principle of double entries
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The entries such as "Rectification Entries", "Adjustment Entries", "Closing or Opening Entries" and Making or Providing for estimates are passed through an internal document called Journal Voucher. Book Entries are classified as: 1) Purchase Order Based Entries - Booking expenses and liability via GRN against a P.O 2) Sales Order Based Entries - Booking Sales & Scrap Sales 3) Treasury Entries - Entries involving Bank or Cash 4) Debit Notes 5) Credit Notes 6) Journal Entries Journal Voucher is the document through which the Journal Entries are made into the books.
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
Adjusting entries are journal entries which are normally made to allocate income or expenditure to the accounting period in which they actually occured.