Describe the purpose and structure of a journal entry.


Identify the purpose of a journal.


. Define “trial balance” and indicate the source of its monetary balances.


. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise.


. Define “accrual accounting” and list its two components.


. Explain the purpose of the revenue realization principle.


 Explain the purpose of the matching principle.