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Where do we record the journal entries in words.
In the lecture videos, it did not feature in the diagram of the complete bookkeeping system.
is it a substitute for T- accounts ?
No – it isn’t a substitute for t-accounts.
I didn’t show it on the diagram, but some companies keep it as another book of prime entry to list unusual transactions – especially the year-end adjustments for depreciation etc..
Also, any time we write down an entry in words (for instance, if you asked me what entry to make for something, and I typed DR one account and CR another account) then we call it a journal entry.
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