Financial Terms Dictionary
J
Journal
A journal is where financial transactions are first recorded in chronological order. Each transaction is called a journal entry. The journal is called the book of original entry. Journal entries are later posted to the ledger.
Journal Entry
A journal entry is recording a business transaction in a company’s accounting records. A list of journal entries is called a journal. In accounting, journal entries are made using a system of debits and credits. In each journal entry, debits must equal credits.
