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Journal Entry

[JUR-nl EN-tree]

What is the definition of Journal Entry?
A record in the general journal that documents a single financial transaction, detailing the accounts affected and the amounts involved.
Using Journal Entry in an Example

For instance, if a company purchases equipment for $5,000 cash, the journal entry would involve debiting the equipment account by $5,000 and crediting the cash account by $5,000 to reflect the transaction in the accounting records.

Using Journal Entry in a sentence

During the audit, the accountant pointed out an error in one of the journal entries that had incorrectly recorded a payment.

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Journal

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