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Friday, August 14, 2009

Rules of Journalizing:

We have already discussed that journalizing is a task of recording transactions in a journal. Before journalizing a transaction, following three steps must be minded.
  1. Firstly, we need to find out the two aspects or two fold effect of a transaction.
  2. Secondly, we need to identify the accounts whether they are personal, real or nominal accounts.
  3. Finally, we need to use the golden rules of debit and credit.

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