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Simple English definitions for legal terms
journal entry
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A quick definition of journal entry:
A journal entry is a written record of a transaction in accounting. It includes equal amounts of debits and credits, with occasional explanations of the recorded transactions. It is like a diary for a business's financial activities. It helps keep track of money coming in and going out. It is important to keep accurate journal entries to ensure the financial health of a business.
A more thorough explanation:
A journal entry is a written record of a transaction in accounting. It includes equal debits and credits and sometimes an explanation of the transaction. For example, if a company buys supplies for $100, they would make a journal entry debiting the supplies account for $100 and crediting the cash account for $100.
Another example of a journal entry is when a person enters a building to commit a crime. This is called an unlawful entry and is a criminal offense.
Journal entries can also be used in legal contexts, such as when a work is deposited with the Register of Copyrights to secure its protection.