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What is Importance of Journal Entries in Accounting about?

Journal entries are used to move expenses and revenues for allocation purposes, correct errors, and record adjustments. Proper documentation of journal entries is important for the accounting record and provides an audit trail. Documentation should provide a complete description of the entry, support the dollar amounts, and include any relevant transaction records, calculations, or authorizations. Examples of supporting documentation include transaction reports, memos, invoices, and allocation spreadsheets.

Author

Phanie

Language

EN