Recording Transactions in a Journal: 

Once a financial transaction is identified, the next step in the accounting process is to record it chronologically in a journal, also known as the book of original entry. This is done using the double-entry accounting method, where every transaction affects at least two accounts—one with a debit and the other with a credit—ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.

Each journal entry should include the following components:
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1.Date of the transaction: Indicates when the transaction occurred.
2.Accounts affected: Lists the specific ledger accounts involved.
3.Amounts: Specifies the monetary value debited and credited to each account.
4.Brief description: Provides a short explanation of the transaction for context.
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 Date                Account Title and Description                 |  Debit ($)                  | Credit ($) |
 2025-04-29     Equipment                                                        5,000     
                                 Cash                                                                                            5,000      
                                *Purchased equipment for cash*


https://youtu.be/o36m8Ke4qsY?si=0Z8Jf9_QaPSN4aYY

Struggling with Journal Entries?
Get a clear, student-friendly guide on how to record transactions in the journal — explained with examples! Check it out here: Recording Transactions in a Journal