Accounting for Non-Accountants by Wayne Label

Author:Wayne Label
Language: eng
Format: mobi, epub
Publisher: Sourcebooks, Inc.
Published: 2013-03-05T21:00:00+00:00

Alert!

What Is a Debit? The word “debit” simply refers to the left side of the amount columns and the word “credit” identifies the right side of the amount columns. Nothing more, nothing less. Debit does not mean something unfavorable and credit does not mean something favorable, as some non-accountants often believe.

The General Journal

Some time after a business transaction occurs it is recorded in a book called the general journal. While there are many different kinds of journals, it is most important to focus on the general journal. A general journal is often referred to as the book of original entry because this journal is the book in which a transaction is first recorded.

If a company were to buy land for cash, the pages of a general journal will look like the one shown in figure 7.1. (The entries in this figure do not come from Solana Beach Bicycle Company but are simply examples.)

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