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Understanding Principles of Accounts Journal Entries

Learn about journal entries, purchase on credit, bad debts, error correction, opening/closing entries, and the accounting cycle in this comprehensive guide. Explore main books of original entry and examples of double entry accounting. Improve your accounting knowledge today!

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Understanding Principles of Accounts Journal Entries

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  1. Principles Of Accounts

  2. The journal After reading this chapter,you will understand the following terms: ‧The journal ‧Purchase and sale on credit of fixed assets ‧Bad debts ‧Correction of errors ‧Opening entries ‧Closing entries ‧The accounting cycle

  3. Main books of original entry We have seen in earlier chapters that most transactions are entered in one of the following special books of original entry: ‧Cash book ‧ Sales journal ‧ Purchase journal ‧ Returns inwards journal ‧ Returns outwards journal

  4. The journal is used to record the transactions not in the following books of original entry: ‧Cash book ‧ Sales journal ‧ Purchase journal ‧ Returns inwards journal ‧ Returns outwards journal

  5. Give you an Example Example1:A machine was bought on credit from Toolmakers for $550 on 1 July 2005. Form what you have learned in earlier chapters,you will know that the double entry accounts would be as follows. Machinery (Folio GL 1) $ 2005 Jul 1 Toolmakers PL55 550

  6. Format of a journal: • Date Details Dr. Cr. • $ $ • Jul 1 Machinery 550 • Toolmakers 550 • Bought machinery on credit • from Toolmakers.

  7. Hi !!! Nice to see you ? Thank you for coming to my project! Come again!!! BYE!! BYE!! Angie Ng and Sammy Wong 29-3-2001

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