3 5 Use Journal Entries to Record Transactions and Post to T-Accounts Principles of Accounting, Volume 1: Financial Accounting
Nov 13th, 2020 | By LukaszSecondly, journal entries are the first step in the recording process. So you’ll eventually need them to prepare other financial statements. The income statement, cash flow, balance sheet, all of them are based on the initial recordings of journal entries. In this transaction, they are the assets account and the owner’s equity account. Since liabilities increase on
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