Steps of a Journal Entry Financial Accounting Flashcards
1
Q
What is Step 1 of making a journal entry?
A
Figure out what the business got and what the business gave up
2
Q
What is Step 2 of making a Journal Entry?
A
Classify what type of account are the things that the business received and gave up
3
Q
What is Step 3 of making a journal entry?
A
Identify accounts that increased and decreased
4
Q
What is Step 4 of a journal entry?
A
Identify the debit and credit account
