Identify the Parts of an Account then Discuss the Journal Entry

Anonymous
timer Asked: Sep 6th, 2014
account_balance_wallet $5

Question Description

What are the parts of an account? What is a journal entry? How does a journal help with the recording process?

Tutor Answer

Furious
School: University of Maryland

 There are separate accounts for each asset, each liability and each equity item. Accounts have account title and a reference number unique to them.
Journal entry is an entry to the journal. Journal is a record that keeps accounting transactions in chronological order,  Ledger is a record that keeps accounting transactions by accounts. Account is a unit to record and summarize accounting transactions.
The journal makes three significant contributions to the recording process:
The journal discloses in one place the complete effect of a transaction.The journal provides a chronological record of transactions.The journal helps prevent or locate errors because the debit and credit amounts for each entry can be readily compared.

flag Report DMCA
Review

Anonymous
Thank you! Reasonably priced given the quality not just of the tutors but the moderators too. They were helpful and accommodating given my needs.

Similar Questions
Hot Questions
Related Tags
Study Guides

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors