Record transactions means to record the ledger entries
Explanation:
Proper understanding of the Double Entry Principle is important, it says that “For every Debit entry there must be a corresponding credit entry and vice versa”
It is also important to note that Debit the Receiver and Credit the giver - this is how transactions are recorded, understanding who is giving the money and who is receiving it.
Sun Devil Hair Design
Feb 2nd Dr Advertisement Account $700 and Cr Bank $700
Being advertising paid for the month of February
Feb 7th Dr Purchases Account $1,300
Cr Trade Creditor $1,300
Being purchases bought on credit
Feb 14th Dr Cash Account $2900
Cr Customers Account $2,900
Being cash sales
Feb 15 Dr Salaries $900
Cr Cash $900
Being salaries paid for the month of February
Feb 25 Dr Trade Receivables $1000
Cr Credit Sales $1000
Being goods bought on credit
Feb 28th Dr Utility $300
Cr cash $300
Being utility paid in cash
Note: It is important to include narrations of transactions that way any user of the account understands the transactions that have taken place
