Journals
Journals are recorded in the general journal daybook. A journal is a formal and chronological record of financial transactions before their values are accounted for in the general ledger as debits and credits. A company can maintain one journal for all transactions, or keep several journals based on similar activity (i.e. sales, cash receipts, revenue, etc.) making transactions easier to summarize and reference later. For every debit journal entry recorded there must be an equivalent credit journal entry to maintain a balanced accounting equation.
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Famous quotes containing the word journals:
“Reality has become so absorbing that the streets, the television, and the journals have confiscated the public interest and people are no longer thirsty for culture on a higher level.”
—Andre Plesu (b. 1948)
“Could slavery suggest a more complete servility than some of these journals exhibit? Is there any dust which their conduct does not lick, and make fouler still with its slime?”
—Henry David Thoreau (1817–1862)