Professional Documents
Culture Documents
2. Journal entry/double entry (double is both debit and credit and both must be equal)
- Recording dates, values, descriptions, accounts, unique UD Remarks
- Debit and Credit
- T account
- Balanced Journal
3. Type of Accounts
- Assets, liability, equity
- Income, expense- affects equity
4. Posting Journal to General ledger
-General ledger listing of all accounts and the transactions affecting each account.
Beginning and ending balances
Manual and computerised Accounting
5. Trial balance Listing of account balances for a period
Used to prepare final accounting reports
i. Total debit equals credits
ii. Organise for reporting