Compound journal entry is that entry which records more than one business transaction in one single journal entry.
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
recording of business transaction in chronological order is a journal entry
journal entry to write off a loan
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Another Journal Entry was created on 2005-09-27.
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.