Journal
A journal is a chronological (arranged in order of time) record of business transactions.
JOURNAL ENTRY
A journal entry is the recording of a business transaction in the journal. A journal entry shows all the effects of a business transaction as expressed in debit(s) and credit(s) and may include an explanation of the transaction.
A transaction is entered in a journal before it is entered in ledger accounts. Because each transaction is initially recorded in a journal rather than directly in the ledger, a journal is called a book of original entry.
FEATURES OF JOURNAL ENTRY
The Chief features of journal may be stated as under:
1. Journal is a book in which the transactions are recorded first of all, as and when they take place. …
2. Journal is only a book of primary (Original) entry.
3. A Journal is a daily accounting record.
4. It records both debit and credit aspect of a transaction.
5. Each entry in the journal is followed by Narration.
6. It may be single journal entry or compound journal entry.
FORMAT OF JOURNAL ENTRY
