Journalizing is the first step in the accounting cycle. Its importance cannot be overemphasized. Like all initial efforts, errors at this early stage, if not noticed or corrected, will find their way to the financial statements, affecting the usefulness of financial information
Why this course
Journalizing is the first step in the accounting cycle. It is should be done right the first time. Correct journal entries also mean the proper application and operationalization of different concepts. Such application requires certain conventions, which are mostly mechanical. The ability to make correct journal entries confirms one’s understanding of the principles and concepts that are the foundation for mastery of accounting.
What you will learn
The course discusses the steps in making journal entries and recording these in the General Journal, or book of original entry. It illustrates and explains the structure of a journal page, the information indicated and the proper writing conventions that have been observed for some time. The course also covers a discussion of special journals, which can be used for frequent, repetitive transactions that account for the bulk of operations.