vThe journal
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4 Terms
What does the journal contain?
The date of the transaction
The account titles and explanations
The references
The two money columns (debit and credit)
What are the 3 contributions of the journal to the recording process?
It discloses the complete effect of a transaction in one place
It provides chronological record of transactions
It helps to prevent or locate errors because the debit and credit amounts for each entry can be readily compared.
What is journalizing?
It is entering transaction data in the journal.
Separate journal entries are made for each transaction.
What does a complete entry consist of?
Date of the transaction
The accounts and amounts to be debited and credited
A brief explanation of the transaction
