Question
Explain how is a journal entry recorded?
Answers
Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.

. Enter the Journal entry number
. Enter the Date of transaction
. Enter the Debit item (as per the golden principles of accountancy)
. Enter the corresponding GL folio number
. Enter the Debit amount
. Enter the credit item(as per the golden principles of accountancy)
. Enter the amount in the credit column
. Provide a brief description of the transaction
. leave a single line before next transaction.   Your Comment




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