Journal Entry Examples, Concepts, Illustrations, Sample help
Facing problems in understanding the concept of journal entry. Are you looking for journal entry examples, sample, illustrations, calculation to do your assignment, homework or project then you are at the correct place?
What is Journal Entry?
Journal Entry is the first step of accounting which means recording of day to day business transaction in a chronological order. Every business transaction affects two accounts. A journal entry shows both a debit and credit of a business transaction. A company’s general journal in which manual journal entry is recorded consists of the following:
- The date on which transaction takes place
- The amount and account that will be debited
- The amount and account that will be credited
- A small narration regarding the transaction
- A reference such as check number
These journalized amounts that are recorded in ordered by date are then posted to the accounts in the general ledger. Ledger is a record that keeps business transactions by accounts.
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Journal Entry Examples Explanation
This can be well understood with the help of journal entry examples. Let’s demonstrate the use of these T-accounts with two examples
On Dec 1, 2016 a company purchased a machine by making cash payment of $15000. This transaction increases the company’s fixed asset by $15000 and decreases the company’s asset cash by $15000. To increase the asset the machinery account will be debited by $15000 and to show decrease the cash account will be credited by $15000.
On Dec 2, 2016 the company sold products worth $4000 in cash. This transaction increases the company’s asset cash by $4000 and increases sales by $4000. Hence to show increase in cash the cash account will be debited by $4000 and to show increase in sales the sales account will be credited by $4000.
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