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Best UK, USA, AUSTRAILIA, CANADA, UAE Journal entry assignment help online services

In business ventures, the record keeping of all the accounts related to monetary issues is a crucial task. It certainly helps the management to take better decisions regarding the growth and value of the firm. These accounting transactions can be kept by various methods like book keeping, journal entries etc. The transactions are recorded using two sides sometimes, i:e; debit and credit. Students in business studies are provided with full knowledge of journal entries to understand the work. To achieve academic excellence we hereby provide Journal entry assignment help to students from our esteemed experts over the subject. We believe that a touch of professionalism to your assignment will only make it better.

What are journal entries?

As by its name, journal entries are the feeding of a firm’s transaction into a safe accounting journal. Several recordings either of debit or credit value of finance shall be recorded in journal entries. The journal entry is supposed to be unbalanced if the total sum of debit equalizes the total sum of credit. This is not valid. Depreciation or bond amortizations can also be recorded.  So ultimately when the business is first recorded in journals before accounting or book keeping, it is called as a journal. As our Journal entry assignment help team experts suggest, a journal entry consist of the following contents:

 

The journalized amount that appears in the journal with respect to date in ascending order is maintained in the account in the general ledger. These days with advancement in technology, the business transactions are automatically recorded by the computerized accounting systems soon after the software readies the sales invoice, receipts from customers, creditors issue check etc. In our Journal entry assignment help we provide the best written context with absolute high class vocabulary.

 

Types of journal entries

In the business transaction terms the journal entries are hence classified into seven major types. They are defined below as:

  1. Simple entries: these are the entries in which on two accounts are affected. One being the account of debit and the other related to credit. The journal entry is maintained by keeping into consideration the transactions from cash account to sales account.

  2. Compound entries: the presence of at least two debits with at least one credit or vice versa, gives rise to compound entries. Similar nature transactions and taking place on the same day are recorded under compound entries.

  3. Opening entries: the balance of assets and liabilities along with capital preceded from the previous accounting period is recorded in opening entries journals. This record in maintained to discern the true and fair view of business.

  4. Transfer entries: these are the maintained records through which an account’s amount is transferred to another account when faulty bookings are made with respect to any account.

  5. Closing entries: when the revenue balances and expense balances are need to be closed then with the help of closing entries their balances are transferred to either trading or profit and loss account.

  6. Adjustment entries: the true values of assets and liabilities are recorded and matched with their expenses. Adjustment entries are the journal entries that help them do so.

  7. Rectifying entries: these are remarkable entries which are used when there is a correction required in the original entries or ledger accounts.

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