How does the APPROPRIATIONS PROCESS work? One of the greatest challenges legislators face each year is the task of dividing state funds among many competing interests. It is difficult for the simple reason that there never seems to be enough money to do everything requested. Not every program within every state agency can be fully funded.
Journal entry is an entry to the journal. Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur. Ledger is a record that keeps accounting transactions by accounts. Account is a unit to record and summarize accounting transactions. All accounting transactions are recorded through journal entries that show account names, amounts, and whether those accounts are recorded in debit or credit side of accounts.
When an error is discovered in the accounting records, it should be corrected immediately to prevent the processing of wrong data which results to unreliable financial statements. A correcting entry is a journal entry whose purpose is to rectify the effect of an incorrect entry previously made. To illustrate how to prepare correcting entries, here are some examples. On December 5, 2016, Gray Electronic Repair Services paid $370 registration and licensing fees for the business.