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issued check for newspaper advertising for $200
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Why use journal entry?
Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
What is the journal entry when business is started without cash?
When business is started without cash then may be owner invested some kind of asset in business journal entry is as follows: [Debit] asset in kind [Credit] Owner's Equity
What kinds of journal entries of when cash withdraw from bank?
This kind of journal entry is called contra entry in which at both sides that is at debit side and credit side cash or bank is used.
What are the accounting journal entries for payment in kind interest on a note?
debit interest in kindcredit notes payable
What are the accounting journal entries for payment in kind interest on a bond?
Debit Interest Expense and Credit Bond Payable.
How do you record a common stock journal entry in exchange for non cash?
[Debit] Asset / goods in kind [Credit] Share Capital
How do you record a journal entry to admit of a partner?
Debit cash / bank / asset in kind xxxx credit partner capital account xxxx
What journal entry is used to record purchase discounts?
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
Why do you need to re-class a journal entry and clearing an accounting in accounting?
Because somebody made an error, or there was some other kind of misunderstanding. It happens all the time.
What kind of Journal entry for purchased 70000 in equipment paid 20000 cash and remainder will be paid in six months?
debit purchases 70000credit cash 20000credit accounts payable 50000
Are journals a reliable source?
It depends on what kind of journal and what kind of information you need. If it is a personal journal, and you need personal information about someone, then a personal journal is what you need.
What will be Journal entry for purchase of building from general reserve account?
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
