1. Project 1

1.12. Training Room 4

Training Room 4: Journalizing Transactions

Training Room 4: Journalizing Transactions

 

Training Room 4 Introduction

 

Suggested Time: 160 minutes

 

As Sakineh just said, the first step in the accounting cycle is receiving the source documents. In this training room you will learn the next step—utilizing analysis to journalize the source documents.

 

journalizing: the process of dating data from source documents, and entering the data in chronological order in a journal

The process of recording transactions into a journal is called journalizing. You used a general journal to prepare the opening entry when you set up the accounting records in FIN1015. In this training session, you will further develop your skills by analyzing daily business transactions as you enter them into a general journal. See how journalizing fits into the Interactive Accounting Cycle by clicking on Step 2.