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On November 26, the civic company purchased $1,200 of supplies on account. the journal entry to record this transaction will include a debit to supplies and a credit to accounts payable.
What are journal entries?
The act of maintaining or creating records of any transactions, whether they are financial or not, is known as journaling.
An accounting journal lists transactions and displays a company's debit and credit balances. The journal entry may have multiple entries, each of which is either a credit or a debit. The journal entry is deemed to be imbalanced if the total of the debits does not match the total of the credits.
Journal entries can list one-time or ongoing events, such as bond amortization or depreciation. Accounts payable normally has its own sub-ledger that indirectly impacts the general ledger, and journal entries in accounting software are typically entered using a distinct module from those.
As a result, general ledger account balances are changed directly by journal entries. The correct date, amount(s) to be debited, amount to be credited, description of the transaction, and specific reference number are all parts of a properly formatted journal entry.
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