Accounts Receivable (AR) Question:

Explain How is a journal entry recorded?

Answer:

Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.
► Enter the Journal entry number
► Enter the Date of transaction
► Enter the Debit item (as per the golden principles of accountancy)
► Enter the corresponding GL folio number
► Enter the Debit amount
► Enter the credit item(as per the golden principles of accountancy)
► Enter the amount in the credit column
► Provide a brief description of the transaction
► leave a single line before next transaction

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