A composite journal entry is an entry that records more than one business transaction in a single journal entry. The bill received is not recorded in the diary, but rather it is recorded in the diary when the bill is actually paid or when public services are used. There is no diary entry to forecast sales, but actual sales are recorded when they occur. To record the entry in the journal, it is mandatory that the business transaction has already been made; otherwise, no entry can be made in the journal before the commercial transaction takes place.
More Posts
What are the journal prompts for sense of belonging?
Alfred Deshner0 minutes 12, seconds readReintegrate the abandoned parts of yourself. Belonging is as necessary for our survival as food, shelter and safety.
The Benefits of Journaling for Students
Alfred Deshner2 minutes 10, seconds readDiscover the five benefits of journaling for students: from reducing stress to aiding in personal and academic growth, journaling can be an effective tool for improving mental health.
11 Powerful Journaling Tips for Beginners
Alfred Deshner2 minutes 39, seconds readHere are 11 powerful journaling tips for beginners that will help make the most out of keeping a diary.
The Benefits of Journaling: A Guide to Self-Reflection and Growth
Alfred Deshner1 minute 5, seconds readJournaling is a powerful tool for self-reflection and growth. Learn how it can help you keep track of symptoms, recognize triggers, plan for the future, manage stress, regulate moods, and cultivate gratitude.