Financial accounting – 10 Journal Entries I

Dear Friends,

Welcome back to the study of Financial Accounting. In this session, we shall introduce you to one more important accounting convention for recording all business transactions in a book. This book is given a special name by the accountants – a journal, similar to a diary that maintains daily records of important events. In this case, all business transactions qualify to be an event to be recorded, and the process of recording is called making journal entries or simply ‘journal entries’.

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