Table of Contents
How should I start my journal entry?
Start with the present moment (“What’s going on?”) Or start with a feeling (“I’m so mad I could bust!”) Or start with a story (“Today the weirdest thing happened….”) Once you’ve started, don’t go back to edit or rewrite. And don’t think too much. Let it flow. It is easy to begin sentences with, “I feel,” or “I think,” or “I wonder.” Don’t feel pressured to stick to any particular form or topic. The beginning of your journal writing can just be an introduction to your thoughts at the time. This is your personal space, so you should feel comfortable writing.
What is the first line of a journal entry?
The first line of a journal entry starts with the date of the transaction. The second line includes the name of the account impacted by the transaction. The third line includes the amount of the transaction. 1. Simple Journal Entries: Here only 2 accounts are affected, one that is debited and the other that is credited. 2. Compound / Combined Journal Entries: Here more than 2 accounts are affected. An example of a journal entry includes the purchase of machinery by the country where the machinery account will be debited, and the cash account will be credited. Many general journals have five columns: Date, Account Title and Description, Posting Reference, Debit, and Credit. Examples of special journals are the cash receipts journal, cash disbursements journal, payroll journal, purchases journal, and sales journal. 13th period journal entries can be done on an expired general ledger. This type of journal entry allows the user to do journal entries into the prior year. Once the year end has been processed, the income and expense accounts are zeroed out for that year and written to the Retained Earnings account.