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A01.V.10.1 Introduction to AccountingAssignment 8_08October 2, 2015AccountingIntroductionIn this paper I will be showing you how to prepare a proper journal entry. I will also beshowing you how to record transactions in a two-column journal. Lastly, I will prepare closingentries without explanation and answer the following questions.Journal EntryA journal entry in accounting is a logging of transactions. A journal entry can contain severaltransactions at any given time. The transactions must be either a debit or credit. Moreimportantly you must remember the debits recorded must equal the credits recorded. If they donot balance out you risk your journal entry to become unbalanced. For the transactions given Iwill show you what a proper journal entry looks like.October2Owner made a cash investment into the company $5,0008Bought supplies on account $100.10Paid salaries, $70015Paid for supplies purchased on October 821Received company telephone bill, to be paid later, $30DateParticularsDebitCredit