What is Journal Entry? 

A journal is a book of original entry where financial transactions are recorded in chronological order using the double-entry system.

Steps to Record Journal Entries

Step 1️: Identify the transaction.

Step 2️: Determine the accounts involved.  

Step 3: Apply the Golden Rules of Accounting. 

Step 4: Decide which account to debit and credit. 

Step 5: Record the entry in the journal with a narration