Report accounting 2 - A01.V.10.1 Introduction to Accounting Assignment 8_08 October 2 2015 Accounting Introduction In this paper I will be showing you

Report accounting 2 - A01.V.10.1 Introduction to Accounting...

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A01.V.10.1 Introduction to Accounting Assignment 8_08 October 2, 2015 Accounting Introduction In this paper I will be showing you how to prepare a proper journal entry. I will also be showing you how to record transactions in a two-column journal. Lastly, I will prepare closing entries without explanation and answer the following questions. Journal Entry A journal entry in accounting is a logging of transactions. A journal entry can contain several transactions at any given time. The transactions must be either a debit or credit. More importantly you must remember the debits recorded must equal the credits recorded. If they do not balance out you risk your journal entry to become unbalanced. For the transactions given I will show you what a proper journal entry looks like. October 2 Owner made a cash investment into the company $5,000 8 Bought supplies on account $100. 10 Paid salaries, $700 15 Paid for supplies purchased on October 8 21 Received company telephone bill, to be paid later, $30 Date Particulars Debit Credit
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  • Accounting, Double-entry bookkeeping system, $5,000, $4,250, $1,450

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