Week No. 5

DOUBLE-ENTRY

Journal is a date-wise record of all the transactions

with details of the accounts debited or credited and

the amount of each transaction.

Steps to record:

1.- Analyze the situation

2.- What accounts are being affected?

3.- Accounts balance going up or down?

4.- Journalize (Debit or credit)

A transaction is composed of at least two entries.

Debits and credits are amounts of money.

Each entry must contain either a Debit or a Credit.

The value of all the Debit entries in a transaction

must match the value of all the Credit entries.

A transaction is only complete if the Debits equal

the Credits.

Another name for a single entry is a Journal.

DOUBLE-ENTRY

There are a minimum of 4 pieces of data for every

entry.

1.- Date

2.- Reference (a reference to the source document)

3.- Amount (a debit or credit)

4.- Account

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

Everything starts with source documents.

Without these there is no proof that anything

happened.

Invoices

Receipts

Bank statements

Legal documents

Paper or digital

Transactions are created from Source documents.

Depending on your double-entry system, a source

document may contain more than one

transaction.

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

GRAMMAR

THERE IS Hay(Singular)

THERE ARE Hay (Plural)

Examples:

There is a book

There are books

GRAMMAR

Countable nouns HOW MANY?

Examples:

Chair(s) book(s) table(s) calculator(s)

Uncountable nouns HOW MUCH?

Examples:

Information equipment advice furniture

GRAMMAR

COUNT BOTH NON-COUNT

A The Much

Many Some Little

Few Any A little bit of

A few No/a lot of/lost of

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

DOUBLE-ENTRY

LETS PRACTICE!

https://www.youtube.com/watch?v=ddCuu9LKqZo

https://www.youtube.com/watch?v=jlMlcT4bfUw