Give the journal entry (FOR FULL CREDIT ALWAYS GIVE JOURNAL ENTRIES IN PROPER FORM: see Hints/FAQ tab for guidelines) when we collect 1,000 on account:
1. Both the account title AND dollar amount being credited MUST be indented to show right vs. left.
2. The total dollar amount being debited MUST equal the total dollar amount being credited.
3. Do NOT use the $ sign or the words "debit" or "credit" as this is evident when you use proper form.
4. Line up the BEGINNING of your account titles & END of dollar amounts being debited vs. those being credited
CORRECT FORM: Equipment 20,000
Cash 1,000
Common Stock 21,000 line up names/dollar amounts being credited vs. debited

Every journal entry is recorded, with the effects of the same being shown in the debit as well as the credit column of the journal books, with proper narration of the financial transaction.

What is a journal entry?

A chronological recording of the financial transactions of a firm in its financial books for a particular financial period, in the order of their occurrence, is known as a journal entry.

Each journal entry is backed by narration of the financial transaction as shown in the image attached with this excerpt, for better understanding of concept of the readers.

Hence, the significance of journal entry is given above.

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