9A: Journalizing

• • First step in accounting cycle
  • Process of recording business transactions in a journal
• Journal

  • book of accounts wherein business transactions are recorded for the first time
  • also called as the book of original entry
• Journal Entry - record of business transactions in the journal
• Simple Journal Entry - contains only one debit and one credit
• Compound Journal Entry - contains either one debit and two or more credits; two or more debits and one credit; or two or more debits and two or more credits