Acme enterprises borrowed $20,000 from last bank on a 5-year note payable. acme's journal entry to record this transaction will include a debit to cash for $20,000 and a credit to notes payable for $20,000.
A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting journal that displays the debit and credit balances of a company lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
A journal entry is a record of a business's financial transactions kept in its accounting books. An accurate date, the amounts to be debited and credited, a description of the transaction, and a special reference number are all components of a properly documented journal entry.
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