Get Assisted with Journal Entries by Accounting Experts
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Every business participates in various deals on a regular basis, including buying, selling, renting, etc. For running business smoothly, it is absolutely vital to keep track of all such transactions taking place. It is the first and perhaps the most important step in accounting. The recording of all the business transactions in the journal or record book is known as journal entry. You should definitely seek our journal entry homework help to learn how the recording of transactions is done.
To be good in the subject of accounting, you need to be efficient in the basic accounting skills. Journal entry is considered to be one of the basic skills that all accountants must know. It forms the very basis of the subject. So, if you want to learn everything about it, avail journal entry assignment help from universityhomeworkhelp.com. That way, you will be able to build a strong foundation in the subject. Our experts will provide you the best possible learning assistance.
What is a journal?
Before you get yourself journal entry homework help, you should probably know what a journal is. Derived from the French word ‘jour’ meaning ‘a day’, a journal basically stands for ‘daily record’. The entry of transactions is done in a book known as journal. It shows the accounts that needs to be credited and the ones that need to be debited. There is also an explanation for every entry in the journal, called narration.
To define it in other words, journal is primary book of accounts in which recording of transactions is done. The transactions are recorded in a chronological order. To know how a journal records the dual effect of transactions, you can get journal entry assignment help from us. Journal is also known as the “book of original entry” since all transactions occurring are firstly recorded here. It makes it possible to review the effects that transactions have on business.
What is journal entry?
Any transaction that is recorded in a journal is known as journal entry. It serves as the first step in accounting processes. You should know that when you get journal entry homework help. Primarily, you might need help if you are stuck with a journal entry in your accounting homework or assignment. That is when expert assistance like ours comes in very handy.
Components of journal entry
If you don’t know proper format of a journal entry, we suggest you get journal entry assignment help from us. Any journal entry includes:
- Date:
In this column, the date of the transaction is entered.
- Particulars:
This is the column that shows the double effect that business transactions have. It reflects the accounts that are affected by the concerned transaction. If the concept of double effect of transactions is not clear to you, hire journal entry homework help from us. Our accounting experts will explain the concept to you, thus clearing out your doubts. Generally, when a business transaction takes place, an account gets debited and another account gets credited a certain amount.
- Debit account:
In this column, the amount that has to be debited is entered alongside the concerned account.
- Credit account:
In this column, the amount that has to be credited is entered alongside the concerned account.
- Ledger folio:
This column records the page number in ledger on which the account is written up.
When you take journal entry assignment help from us, our tutors explain each entry in proper format. You can get to know how different transactions are recorded in the journal with proper entries in each column.
Journal entry characteristics
There are certain characteristics that define a journal entry. You will learn about all these characteristics through our journal entry homework help service. The primary characteristics are:
- Day to day transactions are entered into the journal
- The process of recording transactions in a journal is known as journalizing
- Recording of the transactions is done in a chronological order
- Transactions are initially recorded in the journal before being posted on the ledger.
- For recording the transactions, the double entry bookkeeping system is used. It categorizes transactions into credit and debit depending on the nature and functioning of the concerned transactions
- A single journal entry shows the entire details of a transaction
Types of journal entries
As you will learn with our journal entry assignment help, there are two types of journal entries:
- Simple journal entry:
This is the type of journal entry in which transactions affects only two accounts. A specific amount is debited from one account and the same amount is credited from another account.
- Compound journal entry:
With this type of journal entry, one or more accounts get credited and two or more accounts get credited or vice versa.
Preparing journal entries
If you don’t know how to prepare journal entries, you certainly need our journal entry homework help. Preparing journal entries involve a few steps:
- Analysing the transactions and then identifying the accounts affected by the concerned transaction
- Determine what type of account is involved, whether it is real, nominal or personal
- Apply the rule of credit and debit to the involved accounts
- Determine which accounts needs to be credited and which one needs to be debited.
- Enter the transaction date in the respective column.
- Enter the amount to be credited along with the name of the account. Do the same for the debit account.
- Write a narration within brackets in the next line. The narration is a brief description of the transaction taking place.
It is possible to get confused with the entire process. That is why it is better to avail journal entry assignment help from us.