Journalizing (Step 1)
Bookkeeping is the systematic and chronological recording of transactions in books of accounts following a series of steps and procedures commonlyreferred to as the accounting cycle. This bookkeeping procedure begins with journalizing which is the first part of this unit.
Accounting is based on double-entry bookkeeping, which means thataccountants record the
dual effects of a business transaction
. The basicrecording procedure in accounting involves a device called a
. A journal is a daily record of business transactions that shows in one place the
complete debit and credit effect of each transaction on the accounts of thebusiness in chronological order
. The general journal is also known as the
book of original entries
The chronological recording of the business transactions in the book of original entry.
Below is an example of a typical journal.
JOURNALPAGEDateP A R T I C U L A R SP/RDEBITCREDIT
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Marivic D. Valenzuela-Manalo
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