Describe the four steps required to journalize a business transaction in a general journal.

Here is a tip:
Consider all of the defining characteristics of a transaction.

Explanation
To record a transaction in the general journal, it is important to include the following key pieces of information:

1. Record the date on which the event occurred.

2. Enter the amount debited on the same line as the name of the debited account(s) listed in the description as described in part 4.

3. Enter the amount credited on the same line as the name of the credited account(s) listed in the description as described in part 4.

4. Include a brief description of the transaction. The description is comprised of the name of the debited account(s), followed on the next line by the name of the credited account(s), and finally a few words explanation included on the subsequent line.

Verified Answer
There are typically four main steps to record a journal entry. These include determining and entering the date of the transaction, entering the account(s) to be debited, entering the account(s) to be credited, and entering a description of what has occurred.