Journal entry - Wikipedia

A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting ... Journalentry FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Thisarticlehasmultipleissues.Pleasehelpimproveitordiscusstheseissuesonthetalkpage.(Learnhowandwhentoremovethesetemplatemessages) Thisarticlepossiblycontainsoriginalresearch.Pleaseimproveitbyverifyingtheclaimsmadeandaddinginlinecitations.Statementsconsistingonlyoforiginalresearchshouldberemoved.(November2017)(Learnhowandwhentoremovethistemplatemessage) Thisarticleneedsadditionalcitationsforverification.Pleasehelpimprovethisarticlebyaddingcitationstoreliablesources.Unsourcedmaterialmaybechallengedandremoved.Findsources: "Journalentry" – news ·newspapers ·books ·scholar ·JSTOR(July2019)(Learnhowandwhentoremovethistemplatemessage) (Learnhowandwhentoremovethistemplatemessage) Ajournalentryistheactofkeepingormakingrecordsofanytransactionseithereconomicornon-economic. Transactionsarelistedinanaccountingjournalthatshowsacompany'sdebitandcreditbalances.Thejournalentrycanconsistofseveralrecordings,eachofwhichiseitheradebit oracredit.Thetotalofthedebitsmustequalthetotalofthecredits,orthejournalentryisconsideredunbalanced. Journalentriescanrecorduniqueitemsorrecurringitemssuchasdepreciationorbondamortization.Inaccountingsoftware,journalentriesareusuallyenteredusingaseparatemodulefromaccountspayable,whichtypicallyhasitsownsubledger,thatindirectlyaffectsthegeneralledger.Asaresult,journalentriesdirectlychangetheaccountbalancesonthegeneralledger.Aproperlydocumentedjournalentryconsistsofthecorrectdate,amount(s)thatwillbedebited,amountthatwillbecredited,narrationofthetransaction,anduniquereferencenumber(i.e.checknumber).[1] Contents 1Recording 2Typeofaccounts 3Seealso 4References Recording[edit] Inordertorecordjournalentries,oneneedstohaveknowledgeabout-: TypeofAccounts GoldenRulesofAccounting ExperienceofWorking Knowledgeondebitandcredittransactionsofaccounting Typeofaccounts[edit] Therearethreetypesofaccountsinaccounting: Personalaccount Realaccount Nominalaccount Personalaccountsconsistofallthoseaccountswhicharerelatedtoaperson,business,firm,etc...Therearealsosubtypesofpersonalaccount: NaturalPersonalAnypersonlikeMohanAccount,Ramaccountetc. ArtificialPersonalAnycompanyorgroupofpeoplelikeMicrosoftaccount,HindustanPetroleumaccountetc. RepresentativePersonalthistypeofPersonala/crepresentsownerlike.Capitala/c,drawingsa/cetc. Dr.thereceiver. Cr.thegiver. Forexample:Mohan'saccount,Appleltd.accountetc.Capitalaccount Realaccountsconsistofallthoseaccountswhicharerelatedtoassets. IntangibleassetsarealsoconsideredasRealAccounts. Forexample:PlantandMachineryaccount,Stockaccountetc. Dr.Whatcomesin. Cr.Whatgoesout. Nominalaccountsconsistofallthoseaccountswhicharerelatedtoexpenses,losses,IncomeandGains. Dr.areallexpensesandlosses. Cr.areallincomeandgains. Forexample:Rentaccount,wagesaccountetc. Seealso[edit] Double-entrybookkeepingsystem Debitsandcredits Single-entrybookkeepingsystem Trialbalancea References[edit] ^"Accountingjournalentries".AccountingTools.2019-02-25.Retrieved2020-05-11. Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Journal_entry&oldid=1048302673" Categories:AccountingjournalsandledgersHiddencategories:ArticlesthatmaycontainoriginalresearchfromNovember2017AllarticlesthatmaycontainoriginalresearchArticlesneedingadditionalreferencesfromJuly2019AllarticlesneedingadditionalreferencesArticleswithmultiplemaintenanceissues Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk Variants expanded collapsed Views ReadEditViewhistory More expanded collapsed Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Languages БеларускаяKiswahiliNederlandsРусскийУкраїнськаTiếngViệt中文 Editlinks