Journal Entry
11 ABM St. Mother Theresa
Sir. Alex C. Andres Jr.
,OBJECTIVES
Define Journal
Standard contents of the
general journal
Record the Financial
transaction
,DISCUSSION
To record the economic impact of transactions on the firm in a journal, which is a
form that facilities transfer to the accounts.
The journal is a chronological record of the entity’s transactions. A journal entry
shows all the effects of a business transaction in terms of debits and credits. The
process of recording transaction is called journalizing.
, The standard contents of the general
journal
1. Date. The year and month are not rewritten for every entry unless the year or
month changes, or a new page is needed.
2. Account Titles and explanation. The account to be debited is entered at the
extreme left of the first line while the account to be credited is entered
slightly indented on the next line.
3. P.R. (Posting Reference). This will be used when the entries are posted, that is
until the amounts are transferred to the related ledger accounts.
4. Debit. The debit amount for each account is entered in the this column.
5. Credit. The Credit amount for each account is entered in this column.
11 ABM St. Mother Theresa
Sir. Alex C. Andres Jr.
,OBJECTIVES
Define Journal
Standard contents of the
general journal
Record the Financial
transaction
,DISCUSSION
To record the economic impact of transactions on the firm in a journal, which is a
form that facilities transfer to the accounts.
The journal is a chronological record of the entity’s transactions. A journal entry
shows all the effects of a business transaction in terms of debits and credits. The
process of recording transaction is called journalizing.
, The standard contents of the general
journal
1. Date. The year and month are not rewritten for every entry unless the year or
month changes, or a new page is needed.
2. Account Titles and explanation. The account to be debited is entered at the
extreme left of the first line while the account to be credited is entered
slightly indented on the next line.
3. P.R. (Posting Reference). This will be used when the entries are posted, that is
until the amounts are transferred to the related ledger accounts.
4. Debit. The debit amount for each account is entered in the this column.
5. Credit. The Credit amount for each account is entered in this column.
