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July 8th, 2019, 07:39 AM   #1
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Joined: Jun 2019
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Help , preparing journal entries

I need some help in preparing journal entries according to modern classification of accounts.

This is how I understand this:

If
Asset increase record transaction debit side
Asset decrease record transaction credit side

If
Liability decrease record transaction debit side
Liability increase record transaction credit side

If
Revenue decrease record transaction debit side
Revenue increase record transaction credit side

If
Expense increase record transaction debit side
Expense decrease record transaction credit side

If
Capital decrease record transaction debit side
Capital increase record transaction credit side



Is there a good book that explains the journal entry preparation for modern classification of accounts with some examples?

Thanks.

Last edited by skipjack; July 9th, 2019 at 02:25 AM.
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July 8th, 2019, 10:12 PM   #2
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This site was a bit helpful in learning journalizing transactions according to traditional and modern approach .

https://elearninggang.com/classifica...ounting-rules/

Journalizing is a similar process in both traditional and modern approach , only the classifications are a bit different .

Thanks
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