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The journal entry to record $5.6 million in sales on account includes a credit to Sales Revenue of $5.6 million and debit to Accounts Receivable of $5.6 million.
What does journal entry mean?
A journal entry is a record of a business's financial transactions kept in its accounting books. An accurate date, the sums to be debited and credited, a description of the transaction, and a special reference number are all components of a properly documented journal entry. The accounting cycle begins with a journal entry.
What is an example of a journal entry?
A purchase of machinery by a nation, where the cash account will be credited and the machinery account debited, is an example of a journal entry.
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