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.
Journalizing Transactions. After the business event is identified and analyzed, it can be recorded. Journal entries use debits and credits to record the changes of the accounting equation in the general journal. Traditional journal entry format dictates that debited accounts are listed before credited accounts.Each journal entry is also accompanied by the transaction date, title, and description of the event.ow that these transactions are recorded in their journals, they must be posted to the T-accounts or ledger accounts in the next step of the accounting cycle. Here is an additional list of the most common business transactions and the journal entry examples to go with them. 1  Sale Entry. 2  Depreciation Expense Entry.