Students will learn how to pass journal entries, different types of journal entries, how to identify debit and credit, golden rules of accountancy, accruals, prepaid expenses, reversals, recognition of revenue, recognition of expenses, recognition of cash received and paid, recognition of credit sales, recognition of credit purchases, how to recognize prepaid insurance, how to recognize insurance expense upon expiry of insurance term, what is meant by reversing an entry, what are adjusting entries, what is the need to prepare adjusting entries, what are closing journal entries, when do we prepare closing journal entries, why do we prepare closing journal entries, effects of journal entries in accounting, what is accounting equation, why is accounting equation prepared, what is the effect of accounting transactions and debit and credit on accounting equation, how do we can identify debits and credits and their effects of journal entry accounting and the accounting equation, how can we identify all?