UNDERSTANDING JOURNAL ENTRIES
 

Understand the Direction
Do not be in a hurry to record Journal Entries. 
Read the directions carefully. 
Be sure to underline the important dates, amounts, and problem  requirements.

Understand the Business Activity
Accounting transactions describe a business activity. 
To record this activity you must understand it thoroughly. 
State the given data and do the math calculations. 
If an earlier Journal Entry is involved, make it part of your analysis.


Recording Steps
Record the finances choosing one or more cash, receivable, payable
Record why the financing occurred when necessary assets purchased or revenue earned expenses incurred)
Make sure debits equal credits

Helpful Hints
Try to arrange data in an organized fashion.
Summarize data in balance sheet arranged T accounts.
Show formulas and mathematical steps. 
Need help, use Accounting Test Review Notes

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