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journal entries sample questions and answers
Journal entries sample questions and answers: In finance terminology, the term “journal” refers to the documents of every financial transaction of a business following the relevant accounting procedures. This is why it is described as journal entries. Following the double-entry Bookkeeping guidelines, every journal entry is crediting several accounts and debit entry into at least one account with exactly that amount. The correct journal entries result in accurate and precise financial data being provided to shareholders of the business and other stakeholders, analysts, etc. In this way, journal entries could be considered the soul and the gist of an accounting system. The following examples of journal entries will help you understand the most popular format of journal entries that are used by businesses in their day-to-day economic activities.