Journal Entries

Subject: Accountancy

Overview

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Things to remember
  • When the journal transaction is recorded in the journal it becomes journal entries. 
  • Journal entries consist of the name of debit and credit involved in the financial transaction with a brief narration.
  • Simple journal entry is composed of one debit and another credit account.
  • Compound journal entry is the combination of two or more than two simple journal entries. It contains two or more than two accounts either in debit or in credit. 

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