Journals are used to record the day-to-day financial operations or transactions in the business. The posted transactions in the journal are referred to as journal entities. There are various categories of the journals, which includes the general journal, sales journal, and purchases journals. The journal usually has date columns, accounts name, debit and credit columns. Each journal entry must have equal debit and credit amounts. Moreover, it is only those operations involving cash that are recorded in the journal. For every entry, both of the accounts affected by the transaction are recorded, one is a credit entry while the other being a debit entry. The entries are also accompanied by a narration or description that explain the entries being made.
Journal entries.
| Description | Debit ($) | Credit ($) | |
| Question one |
Advertising expense A/C To Restricted Contribution Income A/C (The entry is made being assumed that the museum will generate income from the advert) |
1000 | 1000 |
| Question Two | The journal entry would not be made since the volunteers did not provide specialised services. No expenses or revenues would flow. | ||
| Question Three |
Professional Fee A/C To Restricted Contribution Income A/C (The entry would be made, as the services Lynn provided was a specialised one.) |
480 | 480 |
| Question Four |
Basketball construction A/C To Restricted Contribution Income A/C (The record is made because it is assumed that the basketball park would be used to generate income) |
2400 | 2400 |
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Question Tree calculation
$120 * 4 hours/week = $480 per week
Conclusion
In conclusion, it is clear that the journal entries only illustrate and outline those transactions and operations of the business or organization that involves money flow. After the completion of the task, the skills and knowledge on the entry of the transactions into the journal accounts have been advanced. Journal entry is an essential aspect of the accounting cycle, in which the ledgers and financial statements are developed from. The entries should thus be entered correctly, promptly and effectively.
