Information for each transaction recorded in a journal.

Question: Information for each transaction recorded in a journal.

The information for each transaction recorded in a journal is called a journal entry. A journal entry is a written record of a financial transaction that has occurred. It includes the following information:

• The date of the transaction
• The account titles involved in the transaction
• The amount of the transaction
• A brief description of the transaction

Journal entries are recorded in chronological order, and they provide a record of all of the financial transactions that a business has engaged in. This record is used to prepare the business's financial statements, such as the balance sheet and income statement.

Here is an example of a journal entry:

Date: 2023-10-11
Account Titles: Cash, Accounts Receivable
Amount: $100
Description: Sold goods to a customer on account.

This journal entry records the sale of goods to a customer on account. The account titles involved in the transaction are Cash and Accounts Receivable. The amount of the transaction is $100. The brief description of the transaction is "Sold goods to a customer on account."

Journal entries can be more complex than this example, but they all include the same basic information: the date of the transaction, the account titles involved in the transaction, the amount of the transaction, and a brief description of the transaction.

Journal entries are an important part of the accounting process. They provide a record of all of the financial transactions that a business has engaged in, which is used to prepare the business's financial statements.

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