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.
Adjusting entries are journal entries recorded at the end of an accounting period to adjust income and expense accounts so that they comply with the accrual concept of accounting. Their main purpose is to match incomes and expenses to appropriate accounting periods.