Analysis of each transaction Q Identify the transaction from the source document such as a sales invoice or check stub Determine which accounts increase and which decrease apply the rules of debit and credit Q Enter the transaction in the journal, listing first the debit and then the credit Q Verify that total debits equal total credits Task Team of FUndaMientalactoUntING Business Sehool. Sun Yatsen niversity 16
16 Analysis of each transaction ⧫ Identify the transaction from the source document, such as a sales invoice or check stub ⧫ Determine which accounts increase and which decrease ⧫ Apply the rules of debit and credit ⧫ Enter the transaction in the journal, listing first the debit and then the credit ⧫ Verify that total debits equal total credits
A journal entry Q Ajournal entry would appear as follows Account Name XX(debit amount) Account Name XX(credit amount) Brief explanation ofthe transaction Task Team of FUndaMientalactoUntING Business Sehool. Sun Yatsen niversity 17
17 A journal entry ⧫ A journal entry would appear as follows: Account Name XX (debit amount) Account Name XX (credit amount) Brief explanation of the transaction