Quick Definition

A journal in accounting is a record where all financial transactions are initially recorded, using the double-entry bookkeeping system.

Examples

• 1Recording a sale of goods on credit, where the journal entry would include a debit to accounts receivable and a credit to sales revenue.
• 2Documenting the purchase of office supplies in cash, involving a debit to the office supplies expense account and a credit to the cash account.
• 3Adjusting entries at the end of a fiscal period, such as accruing unpaid wages, which would debit the wages expense account and credit the wages payable account.

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