lester hires a salesperson for his business. lester agrees to pay the salesperson a commission of 10 percent of sales. by the end of the first month, the salesperson has done $50,000 of sales. lester wants to prepare accurate financial statements at the end of the month, but has not yet paid the salesperson. what journal entry should be made before preparing the financial statements for the month?

Journal entries are records of the money that comes in and goes out of your company. All of these transactions are entered into the general journal, the corporate book.

The first phase in the accounting cycle is journal entries. You should be aware that all journal entries in accounting use the double-accounting method.

This means that there is always a debit entry and a credit entry for every recorded transaction because two accounts are impacted.

You should comprehend the significance of journal entries for a firm before delving into the finer details of double-entry bookkeeping and creating them.

journal entries are the first step in the recording process.

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