A journal entry is the act of keeping or making records of any transactions either economic or non-economic. ... The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits, or the journal entry is considered unbalanced.

What is the meaning of journal entry example?

A journal entry records a business transaction in the accounting system for an organization. ... For example, when a business buys supplies with cash, that transaction will show up in the supplies account and the cash account. A journal entry has these components: The date of the transaction.

What are the 5 types of journal entries?