- A journal is a record of transactions listed as they occur that shows the specific accounts affected by the transaction.
- The Journal entries apply to a record of events that is maintained on a regular basis. As it pertains to bookkeeping,
- For example, your journal for Monday might contain entries for the sales of Widget A, Gadget B and Widget C.
- The journal can tell you how much your total sales were for Monday, which might be handy if you want to compare Monday sales with Wednesday sales.
- However, if you want to know how much of your monthly income was derived from Widget C sales, you would have to locate every sale of that item in your journal and total them.
Journal entries are an important part of accountancy. A journal entry, in accounting, is the logging of a transaction into accounting journal items.
The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced".
Please try to give a substantial answer. If you wanted to comment on the question or answer, just use the commenting tool. Please remember that you can always revise your answers - no need to answer the same question twice. Also, please don't forget to vote - it really helps to select the best questions and answers!