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journal entry practice questions and answers
Journal entry practice questions and answers: Journal entries are the way you keep track of financial transactions. To create a journal entry, you record the information about a transaction in the company’s book. In the next step, part of your accounting process, the journal entries are incorporated into your general ledger.
Each journal entry within General Ledger will contain details of when the transaction occurred, its amount, and affected accounts, along with the account number and a description. The journal entry could contain the reference number, such as an account number and an explanation describing the event.
If you’re using an accounting program and contract your accounts to an outside company, your journal entries might not be visible. However, they’re generated on the back end, ensuring your accounting records are up to date and accurate.