Journal Entries Explained // Accounting 101 Bookkeeping Basics #shorts

Journal Entries Explained // Accounting 101 Bookkeeping Basics #shorts

Journal Entries (JE): What You Need to Know

When you abbreviate "JE," it stands for "Journal Entry." The journal number is an important unique reference number used to identify the record. Following this is the journal entry date, which is the date the journal record is recorded in the general ledger. This date determines when the transactions will appear in the books.

In the following section, a list of all the accounts affected by this journal is provided, such as cash and owner's equity. The owner's equity is indented and shows the name of the accounts being credited. Then, there are separate columns for all the debit and credit entries.

Finally, there is a more detailed description of the journal entry below for future reference. Connect with us if you didn't know this information, and if you did, we'll settle for a like.

Keywords

• Journal Entry (JE)
• Reference Number
• General Ledger
• Transaction Date
• Accounts (Cash, Owner’s Equity)
• Debit and Credit Columns
• Detailed Description

FAQ

Q: What does JE stand for? A: JE stands for "Journal Entry."

Q: Why is the journal number important? A: The journal number is a unique reference number that helps identify each journal entry record.

Q: What is the significance of the journal entry date? A: The journal entry date is when the journal record is recorded in the general ledger, determining when the transactions will appear in the books.

Q: What accounts might be affected by a journal entry? A: Typical accounts include cash and owner's equity, among others.

Q: How are debit and credit entries represented? A: Debit and credit entries are shown in separate columns.

Q: Is there more information provided about each journal entry? A: Yes, there is a detailed description of the journal entry below for future reference.