Master Journal Entries Quickly: Your 2-Minute Guide 📘

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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

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⏱️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?

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