JOURNAL ENTRIES: Explained in (Almost) 2 Minutes!

💥Journal Entries Cheat Sheet → https://accountingstuff.com/shop 🖊Journal Entries Practice Questions → https://accountingstuff.com/practice-questions In this quick tutorial, I'll attempt to explain Journal Entries in less than two minutes! A Journal Entry is a record of a financial transaction. It captures key details such as: ▪ The unique Journal Number ▪ The Posting Date ▪ The accounts involved ▪ A brief description ▪ The Debits and Credits In Double-Entry Accounting, every transaction affects at least two accounts. This means the total of the debit column must match the total of the credit column in a Journal Entry. We’ll walk through an example featuring Legolas's Legal Solutions. You’ll learn how to: ▪ Create a Journal Entry ▪ Understand which accounts are impacted ▪ Apply the rules of Double-Entry Accounting ▪ Post the entry to the General Ledger using T-Accounts 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:08 - What is a Journal Entry? 00:22 - What does a Journal Entry look like? 01:07 - Journal Entry Example 02:52 - How do you post a Journal Entry? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff/ ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff