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  • General journal

    serch.it?q=General-journal

    General journal is a daybook or journal which is used to record transactions relating to adjustment entries, opening stock, accounting errors etc. The source documents of this prime entry book are journal voucher, copy of management reports and invoices.The journal is where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. The total amount debited and the total amount credited should always be equal, thereby ensuring the accounting equation is maintained. In accounting and bookkeeping, a journal is a record of financial transactions in order by date. A journal is also named the book of original entry, from when transactions were written in a journal prior to manually posting them to the accounts in the general ledger or subsidiary ledger. Manual systems usually had a variety of journals such as a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and a general journal. Depending on the business's accounting information system, specialized journals may be used in conjunction with the general journal for record-keeping.

  • Debits and credits

    serch.it?q=Debits-and-credits

    In double entry bookkeeping, debits and credits (abbreviated Dr and Cr, respectively) are entries made in account ledgers to record changes in value resulting from business transactions. Generally speaking (in T-Account terms), if cash is spent in a business transaction, the cash account is credited (that is, an entry is made on the right side of the T-Account's ledger), and conversely, when cash is obtained in a business transaction, it is described as a debit (that is, an entry is made on the left side of the T-Account's ledger). Debits and Credits can occur in any account. For simplicity it is often best to view Debits as positive numbers and Credits as negative numbers. When all the debits and credits that are transacted in each account are added up the resulting account total could be a net Debit (positive number) or a net Credit (negative number). If the total of the account is in a net Debit position (positive), it is generally classified in the Asset section of the balance sheet, whereas accounts that total to a net Credit (negative) are shown in the liability section of the balance sheet.

  • Financial transaction

    serch.it?q=Financial-transaction

    Financial transaction involving money and agricultural goods at a farmers' market A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals. The buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money. It is still a transaction if the goods are exchanged at one time, and the money at another. This is known as a two-part transaction: part one is giving the money, part two is receiving the goods.

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