Accounts Receivable (AR) Interview Question:

Explain How is a journal entry recorded?

Submitted by: Administrator

Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.

► Enter the Journal entry number

► Enter the Date of transaction

► Enter the Debit item (as per the golden principles of accountancy)

► Enter the corresponding GL folio number

► Enter the Debit amount

► Enter the credit item(as per the golden principles of accountancy)

► Enter the amount in the credit column

► Provide a brief description of the transaction

► leave a single line before next transaction
Submitted by: Administrator