Journal Entry Reversal Integrated Into an Organization-Wide Accounting

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Issue:

Business

 

Written by:

Martin S

 

Date added:

January 24, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 660

 

Was viewed:

8010 times

 

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Essay content:

(Moscove, Simkin, and Bagranoff, 2003, p.94) A Journal can be defined as “a chronological listing of the firm’s transactions, including the amounts, accounts that are affected, and in which direction the accounts are affected.” (Journal Entries, ¶ 1) Journal entries are recorded in the “journal” as a debit and a credit...
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Debit and credits must balance. A journal entry would be made when cash that cannot be applied to any accounting module, such as accounts receivable, accounts payable, or payroll, has to be reflected in the general ledger. At Bravo Underground, Inc. journal entries are made manually. For example, expenses and labor are expensed in the month of January for a receivable...
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