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How do you make Journal entry for recording Letter of Credit goods?
Shanjeeb
L/C related all journal entries
Wiki User
∙ 12y ago
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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.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
What is the journal entry to record letter of credit?
I received letter of credit from my customer how i have to enter my entries
What need to happen when recording a journal entry for a sale on account?
What needs to happen when recording a Journal Entry for a sale on account
You record the debit entry for transaction A 51 in the journal as?
When recording a debit entry into a journal you must always list the debit first. The credit needs to be second and should always be indented.
What is journal entry in accounts?
recording of business transaction in chronological order is a journal entry
What needs to happen when recording a saleon account to journal entry?
[Debit] Accounts receivable xxxx [Credit] Sales revenue xxxx
What happends when recording a journal entRy?
When recording done as journal entry any business transaction is recorded in books of accounts and become part of business books of accounts.
Why do you pass an journal entry?
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
When recording a journal entry for a sale on an account what needs to happen?
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
You record the debit entry for transaction a 5 1 in the journal as?
You record he credit entry for transaction (a) 5/1 in the journal as
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
