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
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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
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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
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DOUBLE-ENTRY
LETS PRACTICE!
https://www.youtube.com/watch?v=ddCuu9LKqZo
https://www.youtube.com/watch?v=jlMlcT4bfUw