What are the uses of Journal entries in accounting module ?

Morupoju Harish
Morupoju Harish
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Asked on 11/11/17 9:46 AM
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  • 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.

 

Atif Habib
Atif Habib
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Answered on 12/2/17 10:50 AM
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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".

Marku Sathish
Marku Sathish
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Answered on 11/13/17 6:14 AM
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Asked: 11/11/17 9:46 AM
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Last updated: 12/2/17 10:50 AM