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Dr: Prepayment to Suppliers
(In Case of Expense, then "Prepaid expense" account will be debited e:g Prepaid Rent)
Cr: Bank/Cash
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∙ 11y ago
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What is the journal entry for deposit to bank account for beginning a business?
Journal entry for opening a bank account
What needs to happen when recording a journal entry for a sale account?
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
Paid 600 to Royal Company on account. what is the journal entry of this transaction?
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
What must a journal entry always include?
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
What is the journal entry for deposit to bank account for beginning a business?
Journal entry for opening a bank account
What needs to happen when recording a journal entry for a sale account?
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
Paid 600 to Royal Company on account. what is the journal entry of this transaction?
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
What must a journal entry always include?
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
What is the journal entry for a purchase purchased on account of 54780?
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
What is journal entry for depreciation?
[Debit] Depreciation account [Credit] Asset account
How do you correct a incorrect account journal entry?
Reversing the JE
Accounting How do you correct wrong account used for journal entry?
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
How do you undo journal entry?
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.
What is journal entry for cheq deposit?
[Debit] Bank Account [credit] Cash Account
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
