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.
Example of a Journal Entry. Here is an example of a correct journal entry. This example is the journal entry you would make at the start of a new business. If an owner invested $20,000 in a new business, this would be the format of the journal entry.