What is a journal in accounting?
Introduction to Journal Entries in Accounting
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Business
•
10th Grade - University
•
Hard
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The video tutorial covers the process of recording transactions in accounting journals, emphasizing the importance of journals as the primary record of business events. It explains the steps involved in making journal entries, including identifying affected accounts, classifying them, and determining debits and credits. The tutorial provides practical examples of journal entries, highlighting common mistakes and the significance of narrations for future reference.
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10 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
What are the three steps to record a transaction in a journal?
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3.
OPEN ENDED QUESTION
3 mins • 1 pt
How do you classify the cash account and capital account?
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4.
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3 mins • 1 pt
What is the narration for the transaction of capital introduced?
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5.
OPEN ENDED QUESTION
3 mins • 1 pt
What does the LF column in a journal entry refer to?
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6.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the accounting entry for goods purchased in cash?
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7.
OPEN ENDED QUESTION
3 mins • 1 pt
How do you record the sale of goods for cash?
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