Accounting Journal Entries - Guide, Examples, Practice test

Master Accounting Journal Entries with this comprehensive course, updated for 2025! Finally understand and confidently identify the correct journal entries for any business scenario. This course transforms a traditionally daunting subject into an engaging and accessible learning experience.

What you'll learn:

• Fundamental Accounting Journal Entries: Begin with the basics – types of journal entries, the standard journal entry format, and how journal entries impact your accounts.
• The 3 Golden Rules of Accounting: Grasp the core principles differentiating Real, Personal, and Nominal accounts.
• Step-by-Step Scenario Analysis: Learn a proven, step-by-step approach to dissect real-world scenarios and accurately determine the necessary journal entries. Includes two initial scenario-based examples.
• Essential Business Processes Covered:
  • Order to Cash: Navigate revenue recognition, accounts receivable management, allowance for bad debts, bad debts, and factoring.
  • Procure to Pay: Understand payable processes, payroll expenses, and accruals.
  • Asset & Expense Management: Learn about prepaid items, fixed assets, inventory, abnormal loss, prepaid expenses, petty cash, and banking.
• Advanced Accounting Topics: Explore crucial topics like intercompany transactions, leases, impairment, goodwill, amortization expense, and various tax considerations.
• Equity & Investment: Gain insights into share capital, dividends, investments, investment in associates, and owner equity investments.
• Taxation: Understand Goods and Service Tax (GST), Income Tax, and Deferred Tax Asset/Liability.

New in 2025:

• Practical Examples: A brand new Section 4 provides 19 practical examples demonstrating how to identify the correct accounting journal entries in real-world situations.
• Monthly Additions: Expect new practical examples added every month! Check back regularly to expand your knowledge.
• Practice Test: Assess your understanding with a comprehensive Practice Test featuring 98 question and answer pairs.

Who is this course for?

This course is invaluable for:

• Business Owners: Gain control over your financial records.
• Finance Professionals: Enhance your accounting skills.
• Accounting Students: Build a strong foundation in journal entries.
• Anyone seeking a clear and practical understanding of accounting journal entries for all business needs.