Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
[debit] office use expenses[credit] cash
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
[debit] office use expenses[credit] cash
The journal entry isManufacture Overhead 8000Raw Materials 8000
If dividend received is reinvested then there is no journal entry is required and this information can be mentioned through the use of memo entry.There is no journal entry required for dividend received reinvested as nothing is received by person or company so memo entry is enough for information purpose.
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 is called journal entry.
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
journal entry to write off a loan
recording of business transaction in chronological order is a journal entry
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry