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2 years ago

For each transaction in M2-5 (including the sample), write the journal entry in the proper form.

Business

1 answer:

solong [7]2 years ago

4 0

In M2-5, for each transaction write the journal entry in the proper form.

Each journal entry refers to entries which contain the data significant to a single business transaction, including the date, the amount to be credited and debited, accounts affected, and a brief description of the transaction.

So also for M2-5, for each transaction the journal entry is written. These journal entries provide important information that are used by auditors in order to analyze how financial transactions impact a business. Thus, a journal entry records a business transaction in the accounting system

Hence, journal entries are the foundation for all other financial reports.

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