A journal entry is a manuscript where the first entry is made. It is a book that bookkeepers maintain in order to make accounting entries. With reference to any business organization, journal entry is the chronological maintenance of all the transactions over a period of time. Every business entity involves itself in various transactions, such as buying, selling, renting, etc. on a regular basis. Journal entry is the timely management of these transactions.
In case you are in doubt, you can surely look through journal entry homework answers for details!
Getting to the core of this subject:
Understanding a journal entry is imperative to be it a finance student, a small-scale organization, or a person who wishes to learn about accounting skills. A journal entry could also be coined as a double entry accounting, and this is the first step towards Finance. Journal Entry is quite simple compared to other aspects of finance.
Points to note:
A student can learn a few basic things that need to be considered while maintaining a journal entry.
These include the following:
- Column-wise entry of each transaction:
In order to maintain a proper journal, there are specific sections that need to be filled as per the transactions, such as date, credit/debit, ledger folio, and transaction to and from various accounts. A glimpse through journal entry homework answers will surely help you!
In order to maintain the journal, these entries need to be carefully filled so that they are error-free. The transactions need to be carefully entered under their desired sections only. The entries should be made as such that all the aspects of the entry are apparent by just one look.
- Credit versus Debit:
In order for a journal to be properly maintained it is vital to discriminate between Credit and Debit. Credit is any money that comes into the organizationâ€™s account. Similarly, Debit is any money that goes out of the organizationâ€™s account. Apart from this discrimination, the journal entry also mentions the accounts where the transactionâ€™s occurred. For instance, if $200 goes from the organizationâ€™s account to procurement of goods to XYZ Company, then $ 200 comes under the debit section of the organization and $200 goes under the credit section of XYZ Company.
- Brief explanation of the transaction recorded:
A brief explanation of the type of transaction need to be mentioned in the journal entry so that it makes apparent the transactions that have taken place on a particular date. This explanation helps users to keep track of all the transactions that have been conducted over a period of time in order to eradicate all sorts of discrepancies in future.
As the world is moving to the digital platform, so is the process of journal entry. The contemporary world creates and maintains the records in a computer, unlike in books in the older days.
This has made the task easier. However, for students, they still need to learn the nuances of basic journal entry. This requirement could be met by a lot of websites that provide assistance with journal entry homework answers.
What should you note before choosing a site?
The following points are needed to consider while choosing any site:
- Reliability of the tutor/site:
This is a vital aspect of choosing a Journal Entry Homework help because the tutors would be responsible for not just solving the homework but also be capable to explain the problem statement to the student. A foolproof way of achieving this objective is find the background of the tutor.
A reliable tutor is the one with ample industry experience with a master degree and/or doctorate holder. The availability of the tutor 24*7 would be a boon in disguise.
- Authenticity of the answers provided:
The job of the help is not to plainly provide the student with answers so that the students can blindly submit them. The authenticity of the answers needs to be assessed before the submission. The answers provided should be genuine content and plagiarism free. Following this principle would also make the learning experience more pleasurable.
- In-time delivery of the Journal Entry Homework:
The journal entry homework answers provided to the students need to be available to them before are supposed to meet the deadline. A professional organization, with a good track record, can meet up this expectation of the students. As time is an important factor for all matters of life, so the helping partner should be chosen based on it as well.Moreover, there should always be a time cushion availed to the students so that they can clarify their queries before the submission in order to omit unnecessary hassles later.
- Cost charged for the Journal Entry Homework:
This aspect of choosing a homework help is completely objective as there are no fixed guidelines for the service. The industry is not regulated by any governing body that can keep a check on the prices. It is always advisable to the students can refer more than one service provider for the journal entry homework answers so that they can analyze the charges and choose the most reasonable service provider out of the available providers.
Since the Journal entry is the first step towards a career in Finance and it is also vital to learn it because it clarifies the money that is going out and coming in. Anyone can take the journal entry homework answers help these days because they save a lot of time which could be utilized in other areas of improvement- it applies to students as well as organizations, equally.
Taking the assistance of journal entry homework answers would be a good option for students who have a lot of tasks to accomplish within a deadline.The students can rely on the solution provided by the tutors and can also take their assistance in learning more about the domain by practicing more.