Different Types of Journal Entries used in Accounting
Types of Journal Entries / What is Opening, Closing Journal Entry And Adjusting Entries, Etc. There are different types of Journal Entries used in accounting and we record these in their respective journals according to their types of nature. There are following eight mostly commo nly e ntries which we record in the Journal : 1 . Opening Entries 2. Closing Entries 3. Adjusting Entries 4. Rectifying Entries 5. Transfer Entries 6. Reversi ng E ntries 7. Co ntra E ntries 8. Rare Transactions or Residuary Entries 1. Opening Entries At the start of the year we record these entries. Assets, Liabilities and Owner’s Equity have balances so record opening entries for these accounts. Example of Opening Entries are: Started business with Cash Cash a/c Capital a/c Purchased furniture for Cash Furniture a/c Cash a/c Note: If the business is just starting now, then it has