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- A journal entry is a record of how a business event affects the accounting equation1. It shows the accounts and amounts involved in the transaction2.Some examples of journal entries are1234:
- Borrowing money from the bank: Debit cash (asset), Credit bank loan payable (liability)
- Selling a product for cash: Debit cash (asset), Credit revenue
- Purchasing a vehicle with cash: Debit vehicle (asset), Credit cash (asset)
- Recording depreciation of an asset: Debit depreciation expense, Credit accumulated depreciation (asset)
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.As business events occur throughout the accounting period, journal entries are recorded in the general journal to show how the event changed in the accounting equation. For example, when the company spends cash to purchase a new vehicle, the cash account is decreased or credited and the vehicle account is increased or debited.www.myaccountingcourse.com/accounting-cycle/jo…Example of an Accounting Journal Entry Arnold Corporation sells a product to a customer for $1,000 in cash. This results in revenue of $1,000 and cash of $1,000. Arnold must record an increase of the cash (asset) account with a debit, and an increase of the revenue account with a credit.www.accountingtools.com/articles/accounting-journ…Journal Entry Examples
- 1. Journal Entry for Business Started (in cash) When a business commences and capital is introduced in form of cash. ...
- 2. Journal Entry for Sales (Credit) ...
- 3. Journal Entry for Purchases (Credit) ...
www.accountingcapital.com/journal-entries/journal …Journal Entry Examples Example 1 – Borrowing money journal entry ABC Company borrowed $300,000 from the bank The accounts affected are cash (asset) and bank loan payable (liability)corporatefinanceinstitute.com/resources/accountin… Journal Entries Examples (with PDF) - Accounting Capital
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