A public radio station with a june 30 year end collects $100,000 in annual membership dues every january 1. paying membership dues provides few direct benefits, which are not restricted to members. on june 30, the radio station will not record a journal entry.
A journal means a detailed account that tracks all the money transactions of a business, which is used to the future reconciling of accounts and the delivery of information to other official accounting tracks, such as the general ledger. A journal entry also says the behavior of saving or making records of any transactions either economic or non-economic.
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