Steps of a Journal Entry Financial Accounting Flashcards Preview

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Flashcards in Steps of a Journal Entry Financial Accounting Deck (4):
1

What is Step 1 of making a journal entry?

Figure out what the business got and what the business gave up

2

What is Step 2 of making a Journal Entry?

Classify what type of account are the things that the business received and gave up

3

What is Step 3 of making a journal entry?

Identify accounts that increased and decreased

4

What is Step 4 of a journal entry?

Identify the debit and credit account

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