Commerce Exam > Commerce Videos > Accounting Test Time: Journal Entries
Accounting Test Time: Journal Entries Video Lecture - Commerce
FAQs on Accounting Test Time: Journal Entries Video Lecture - Commerce
| 1. What are journal entries in accounting? |  |
Ans. Journal entries in accounting are the recorded transactions or events that are entered into the general journal of a company. These entries include the date, accounts involved, amounts debited or credited, and a brief description of the transaction.
| 2. How do I know which accounts to debit and credit in a journal entry? | |
Ans. The accounts to debit and credit in a journal entry are determined by the type of transaction. Generally, assets and expenses are debited, while liabilities, equity, and revenue are credited. However, it is essential to refer to the specific rules of double-entry bookkeeping to ensure accurate entries.
| 3. Can you provide an example of a journal entry? | |
Ans. Certainly! Let's say a business purchased office supplies worth $500 on credit. The journal entry would be:
Date: [Date of Purchase]
Account Debit: Office Supplies
Amount Debit: $500
Account Credit: Accounts Payable
Amount Credit: $500
This entry records the increase in office supplies (debit) and the increase in accounts payable (credit).
| 4. What is the purpose of making journal entries? | |
Ans. The purpose of making journal entries is to record and track the financial transactions of a business accurately. These entries serve as the basis for creating financial statements, analyzing business performance, and ensuring compliance with accounting principles and regulations.
| 5. How often should journal entries be recorded in accounting? | |
Ans. Journal entries should be recorded on a regular basis, typically daily or as transactions occur. This ensures that all financial transactions are promptly and accurately recorded, providing an up-to-date view of the company's financial position.
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Nov 08, 2024 Last updated |
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