At the end of this week your teachers will be completing progress reports for you. In addition to your teachers' assessment of how you are doing, it is important for you to engage in honest self-assessment, too.
Journalizing
•
Transactions are recorded in the journal using
the following steps:
o
Step 1. The date of the transaction is entered
in the Date column.
o
Step 2. The title of the account to be debited
is recorded in the left-hand margin under the Description column, and the
amount to be debited is entered in the Debit column.
o
Step 3. The title of the account to be credited
is listed below and to the right of the debited account title, and the amount
to be credited is entered in the Credit column.
o
Step 4. A brief description may be entered below
the credited account.
o
Step 5. The Post. Ref. (Posting Reference)
column is left blank when the journal entry is initially recorded. This column
is used later when the journal entry amounts are transferred to the accounts in
the ledger.
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