Business Finance
Identify the Parts of an Account then Discuss the Journal Entry

Question Description

I’m trying to learn for my Accounting class and I’m stuck. Can you help?

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

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Final Answer

 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.

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