1 Draw the diamond rule structure that help in recording journal entries in debit and credit columns in General Journal. Explain the structure and its parts. 2 Make an economic statement of your own which has impact as follows in “a” and then journalize that entry properly. You can use hypothetical name for your company and choose the date.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.