Basic Accounting Question:
What is Journalizing? What are the columns of a journal?
Answer:
Journalizing is the process of recoding business transactions in the Journal in chronological order, as and when the transactions take place. Journal is also known as Book of Original Entry or the Book of Prime Entry.
Journal has following five columns:
-Date
-Particulars
-Ledger Folio
-Amount Debited
-Amount Credited
Journal has following five columns:
-Date
-Particulars
-Ledger Folio
-Amount Debited
-Amount Credited
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