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Accounting & Finance
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Accounting & Finance
Topic Topic: Journal Post ReplyNew Question
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Vijay1974
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Joined: 16 November 2006
Location: India
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Posted: 16 November 2006 at 3:32pm | IP Logged Quote Vijay1974

What is Journal Entry?

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Skoty445
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Joined: 25 November 2006
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Posted: 25 November 2006 at 11:13pm | IP Logged Quote Skoty445

Accounting is doen via Journals.. Journals are basically a record of transactions within an (entity) company.

A journal entry must have a date and must have two sides. What i mean by two sides is that money should be taken out of one account and the same figure needs to be entered into another account. This is because accountants see two sides to EVERY transaction.

example: On 24th November 2006

You get paid - Your Savings account  +$500

    Employer Pays you - Employers Bank Account    -$500

 

 

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