What are the steps in journalizing?

Answer 1

step 1

analyze and identify the transaction.

step 2

label the column

step 3

step 4

step 5

step 6

brief explanation

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Answer 2

1. Identify the transaction: Determine the nature of the business transaction that has occurred.
2. Analyze the transaction: Understand which accounts are impacted by the transaction and the amount involved.
3. Record the transaction: Debit and credit the appropriate accounts based on the accounting equation (Assets = Liabilities + Equity).
4. Post to the general ledger: Transfer the journal entry information to the general ledger accounts.