Journal and journal entries
A journal records transactions or adjustments in debit and credit form before posting to ledger accounts; specialised day books record routine transactions. To prepare an entry, identify the affected accounts, decide which side increases or decreases each one, and enter the same total on both sides. Posting transfers those amounts to the relevant ledger accounts, where balances are subsequently calculated. An entry can contain several debit or credit lines, provided its total balances.
Worked example
A general journal records a correction with equal debits and credits.
Common mistake
A journal entry is not itself a ledger balance; include an explanatory narrative.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Direct | July 2027–August 2028 |
| ACCA | F2 | Direct | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |
Related terms
Also called: Journal entries, Journal