Bookkeeping General Journal

by Teng
(Melbourne)

In the opening balance of general journal, the balance bank account of say $30,000, should that be in debit or credit in my accounting and why?

Hello Teng,

Thanks for your inquiry.

The bank balance of $30,000 should show in the debit column as asset accounts are debit accounts.

Journal

by Angel
(Kingsland)

Which of the following statements best describes journalizing transactions?

A. Journalizing occurs after posting to the ledger.

B. Journalizing must be done daily.

C. Journalizing is the process where events of business are recorded in the journal.

D. Journalizing can’t be completed until the ledger accounts have been opened.

Hello Angel,

The answer to your question above is:

C. Journalizing is the process where events of business are recorded in the journal.

Thanks for asking.

Journal entry

by Sue
(Chesapeake VA)

When recording daily pay outs what account would you credit against these expenses?

Journalize

F.Crouteau invested $45000 in moving business.
the business purchased a $35000 TRUCK FROM D.Arcy Moors by paying $10.000 difference will be paid at a later date.

Using Opening Balances as Opposed to a Journal Entry

by Janice
(Strathclyde)

What is missing from an opening balance entry when using the routine as opposed to a journal?