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accounting cycle

This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.

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December 25, 2021 at 7:17 am #644781
pano
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i am confused that when a transaction occured than what happend first double entry than T account and than into a trail balance and than into financial statement this is what i think so my point when we make DAYS BOOK LIKE SALES DAY BOOK FIRST WE MAKE DAYS BOOK OR DOUBLE ENTRY ?
December 25, 2021 at 8:19 am #644788
John Moffat
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- Topics: 57
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If the business is using day books, then the transaction will be recorded in the day book first. Later (usually at the end of the month) the double entry will be made, using the totals from the day books.
This is all explained in my free lectures on Books of Prime Entry.
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