Journal Entry Homework Help
Best UK, USA, Australia, Canada,China , UAE Journal entry homework help online services
The productivity and growth of a company depends upon its sales. And records of such sales in the firm are necessary to keep taking certain actions further. Based on previous data a firm takes monetary or financial decisions that help them to achieve more and more profit. Usually journal entry is restricted to monetary transactions but it certainly provides more information regarding the dates of transaction and the parties in between which the transaction took place. Each and every debit and credit information is stored in the journal entry by the accountant. Students who are in the field of commerce and accountancy, have a wide scope of job in the area of journal entry. With our Journal entry homework help, our clients will benefit with the mathematical and calculative methodology for doing journal entries.
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What are journal entries?
The book into which a firm keeps all the confidential and classified information regarding the transactions done in business is called a journal. Journal entry is the installation of all such data as per the financial period. Various record entries of debited and credited amount from different sources are analyzed in this journal entry. Under any condition if the total sum of debit is equal to the total sum of credit, the journal entry is said to be unbalanced. As our Journal entry homework help team experts suggest, bond amortization or depreciation is also one of the entities that can be recorded in the journal. Journals come prior to accounting and book-keeping and hence the transactions first pass through journal entry before reaching them. We define the contents of journal in our Journal entry homework help as
• the appropriate date of transaction
• The debited amount(s) and account(s)
• The credited amount(s) and account(s)
• a short description/memo about the transaction doer
• a reference such as a check number or any receipt number
Any journalized amount in the journal, when arranged in an ascending order with respect to the date, is maintained at the general ledger of the accounts. A few decades back it was all manual. Bu with rising technology and sources, much software has been developed in order to record, manipulate or retrieve this information. Documents like sales invoice, bill of materials, receipt from customers, creditors issue check etc. are generated soon after the software observes a business transaction. In our Journal entry homework help students can expect the elaborative explanation of their questions with mathematical step by step derivation if required.
Types of journal entries
In the business transaction terms the journal entries are hence classified into seven major types which is compiled by our Journal entry homework help experts. They are defined below as
1. Simple entries: Cash to sales transaction is recorded in such entries. The main concept is to include both the debited and credited account. The account of debit and the account of credit is analyzed.
2. Compound entries: Two debits and at least one credit account are analyzed and gives rise to compound entries. The transaction showing similar nature is recorded and is segregated in a day wise pattern. Our Journal entry homework help experts have been in market for long and hold professional experience in these areas.
3. Opening entries: A fair and true view of a business by a firm can be generated by opening entries. The main constituent to be recorded is the balance of assets and liabilities along with the balance passed on from the previous accounting period.
4. Transfer entries: A few times a few bookings are faulty when made. The records of them are maintained for the amounts that are transferred from one account to another for a faulty booking.
5. Closing entries: The revenue balances and the expense balances is closed by transferring them to either trading or profit and loss account. After transfer closing entries are done in journals.
6. Adjustment entries: These entries help the accountant to record the true values of assets and liabilities and match them with their expenses.
7. Rectifying entries: If any ledger account or original account has been faultily entered, then rectifying entries are done to correct them with the final information.
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