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Chapter 2
The Recording Process 2. Explain the recording process and analyze,
journalize, and post transactions.
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Where transactions are first recorded Entering transaction data in the journal
Every company has a general journal Separate journal entry for each
Contributes to recording process: transaction
Discloses complete effect of a transaction in one
A complete entry consists of
place
Provides a chronological record Transaction date
Helps prevent and locate errors Accounts & amounts to be debited and
Provides explanation and identifies the source credited
document Brief explanation of transaction
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Separate entries with a blank line Simple entry: involves two accounts
Ref. column is used later when transferred to Compound entry: involves three or more
ledger
accounts
List all debits in each entry before listing credits
Varies by company
Number of accounts
1. Post to debit account: date, journal page number, amount Types of accounts
2. Enter debit account number in journal reference column
Numbering system
3. Post to credit account: journal page number, amount
4. Enter credit account number in journal reference column
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