Journal Entries and The Accounting Cycle (Financial Accounting Tutorial #16)

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In this financial accounting tutorial I begin our segment on the accounting cycle which starts with recording journal entries within your business. To record a journal entry you must analyze the transaction, decide which accounts are being affected, decide whether the account balances are increasing or decreasing and then journalize the transaction using debits and credits.

Make sure that you always left align your debit entry and that your credit entry is indented, as this is standard accounting protocol for journal entries.

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