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Journal entries rules - Posting Rules from Journal to Ledger







The history of double-entry bookkeeping goes back to almost a thousand years! Making Journal Entries The next step is to make a journal entry.








Posting Rules from Journal to Ledger


Contra Accounts A contra account is a connected account that offsets the balance in another account, related to that account.







Accountants record journal entries in a company's official accounting record book, the general journal.



Journal entries are the way we capture the activity of our business.






Debit and Credit



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Description: It is extremely important that all four of these rules are followed when entering a transaction in accounting books.

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Views: 6775 Date: 08.03.2022 Favorited: 87 favorites
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The phrase says: Debit the receiver and credit the giver.
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Whenever accounting transactions take place, it majorly affects these two accounts.
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March 28 wages paid Rs.

Latest Comments

    +972reps
    What are the Rules of Debit and Credit?
    By: Tuinenga
    +807reps
    Which Account will be debited?
    By: Colon
    +672reps
    The credit side must equal the balance side for each and every transaction.
    By: Conn
    +386reps
    Hence, a Goods Account is divided into the following categories for recording journal entries: 1 Purchases Account: Purchases Account is debited on purchase of goods for resale.
    By: Grantland
    +54reps
    Ron is the giver in this transaction, so his account should be credited.
    By: Pistol
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