Is journal a book of original entry? Explain

Asked by Topperlearning User | 14th Jun, 2016, 05:30: PM

Expert Answer:

All the transactions recorded in the books for the first time is called journal or book of original entry. The source documents are used to record all these transactions in the journal. These transactions are entered with the details of debit and credit in the journal and are transferred to an individual account. This sequence causes the journal to be called the book of original entry and the ledger account is called principal book of entry.

Answered by  | 14th Jun, 2016, 07:30: PM