Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
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According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
the information is entered in the general journal, which is called the book of original entry.
Debit cash / bankCredit share capital
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.
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
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.
Another Journal Entry was created on 2005-09-27.
Compound journal entry is that in which there is more than one debit and credits or where there is more than one transactions recorded on one journal entry.