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Handle the Problem with Ease with Opening Journal Entry Assignment Help
Journal is known to be a book of original entry. To study accountancy, you need to understand the ways of doing journal entry so that you can evolve as a professional accountant. Our experts will give you the chance to explore different steps of journal entry through our opening journal entry homework help.
In journal the transactions are recorded, and this record would be available in chronological order. The transaction gets recorded only by analyzing the debit and credit aspects of every item. Each and every journal entry is followed by a description of the transaction which is known as narration. Because of the high volume of complexities involved in business transactions, journals are divided into different sub-categories:
1. Bill payable journal.
2. Bill receivable journal.
3. Purchase.
4. Sales.
5. Cash book.
6. General journal.
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What is meant by opening journal entry?
Opening journal entry homework help is well defined and compact. No matter how much you are foraccountancy, you will encounter some obstacles while solving the problems. Therefore, our expert is ready always to help you out, and they would come up with the explanation of opening journal.
At the end of every financial year, the accountant needs to make its final accounts for business. At the beginning of next financial year, the accountant writes ajournalentry at thebeginning of every year, and it reflects the opening balance of assets and liabilities that would include capital. Such journal entry is known as opening entry as all the assets come under debit balance and liabilities under credit balance.
Simple Equation of accounting
Our professionals while offering opening journal entry assignment help will come up with simple accounting equation:
Assets (debit) = liabilities (credit) + capital (credit)
The opening journal entry would include:
1. Assets account.
2. Liabilities account.
3. Capital account.
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