Week 8 - Journals Flashcards
(3 cards)
1
Q
What is a journal entry?
A
An entry in the general ledger that does not originate in one of the books of prime entry
2
Q
What are the first 3 common sources of journal entries?
A
- depreciation
- prepayments and accruals
- bad and doubtful debts
3
Q
What are the other 4 common sources of journal entries?
A
- write down of inventory
- credit note provision
- correct of errors
- fraud!
