Recording Daily General Journal entries in a manual system date Accounting title debited XXX Accounting title credited Recording events that impact the accounting equation in general journal form. Entering the date, the account title, and the amount as input. Determining the impact on the financial statements of a general journal entry.

Dual entry system of accounting Accounts that increase with a debit: Assets, expenses and dividends Accounts that increase with a credit: Liabilities, stockholder’s equity, revenues Every transaction must have at least one debit and one credit Each transaction must balance – the total of all debits in the journal entry must equal total of all credits (simple or compound entry)