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Journals

What are Journals?

Financial transactions are analysed to determine the ledger accounts affected. So from this analysis a journal is prepared.

So a journal describes how the transaction is to be recorded in the accounting system.

In a double entry system, a journal has a debit side and a credit side. Because each side is equal, the system remains in balance.

The infographic explains the double entry journal system.

the double entry journal system

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