Journalizing Transactions for Remington Communications

What is the importance of journal entries in accounting?

Journal entries are essential in accounting to record financial transactions. Why do businesses like Remington Communications need to prepare journal entries for their transactions?

Explanation

A journal entry is a way to record financial transactions in accounting. The given transactions for Remington Communications are converted into journal entries, which provided a snapshot of the company's financial activities.

The process of recording financial transactions in the journal book is known as Journalizing. Here will be the journal entries for the given transactions of Remington Communications:

Nov 2: Debit Accounts Receivable (Enrico Company): $2,200, Credit Service Revenue: $2,200

Nov 6: Debit Supplies: $3,865, Credit Accounts Payable (Technology Associates): $3,865

Nov 10: Debit Wages Expense: $6,220, Credit Cash: $6,220

Nov 15: Debit Accounts Payable (Technology Associates): $3,865, Credit Cash: $3,865

Nov 28: Debit Utilities Expense: $1,950, Credit Cash: $1,950

Nov 30: Debit Repairs Expense: $1,630, Credit Accounts Payable (Monticello Construction): $1,630

Dec 10: Debit Accounts Payable (Monticello Construction): $1,630, Credit Cash: $1,630