12RQ - Horngren'S Financial And Managerial Accounting

Question

What are the four parts of a journal entry?

Step-by-Step Solution

Answer

Four part of journal entry are date, debit account name and amount, credit name and account and explanation. 

Definition of Accounting

The process of accounting is defined as the process of reporting and recording and interpreting a business transaction.

Four parts of the journal entry

The four parts of the journal entry are as follows:

1. Date of transactions.
2. Debit account name and dollar amount.
3. Credit account name and dollar amount. The credit account name is indented.
4. Brief Explanation of the journal entry.