What are the basic steps in journalyzing?

Answer 1

The basic steps in journalizing involve first identifying the transactions that need to be recorded. Next, you determine the accounts affected and classify them as either debits or credits based on the nature of the transaction. After that, you record the transaction in the journal, including the date, accounts involved, amounts, and a brief description. Finally, you ensure that the entries are posted to the appropriate accounts in the general ledger.