0
Debit debt account
Credit cash / bank
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is the journal entry for a bad debt account?
Debit bad debtsCredit accounts receivable
What are the accounting journal entry to record the exchange of debt for equipment?
[Debit] Debt Account xxxx [Credit] Asset/Equipment xxxx
What is the journal entry to write off customer accounts?
You would credit the customer account and debit bad debt.
Accounting where would you put a bad debt entry?
In the Journal Proper
At the time of acquisition of a debt investment what happens?
no journal entry required
When there is an allowance for bad debts on the balance sheet the journal entry for writing off an account receivable is?
debit bad debtCredit allowance for bad debt
Journal entry for goods written off?
The general ledger journal entry for the uncollectible bad debt would be considered a loss in ledger. Debit the account named Bad Debt Expense for the amount and credit the account Accounts Receivable for the amount.
What is the journal entry to record outstanding debt in a new set of books when the cash was received by the old acquired company?
cash at bank dr account opayable cr
How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
Journal entry to record an accrued vacation expense?
Though I have never heard the term "accrued vacation expense" nor have I ever heard of a "vacation" being a business expense, however, the journal entry would be handled like most "payables". So if your company uses the account of Accrued Vacation Expense, the journal entry should be something like....Vacation Expense (debit) $XXXAccrued Vacation Expense (credit) $XXXOnce the amount is paid, a debit would be recorded in the Accrued Vacation Expense account and a credit to Cash, to remove it from the books and note that the debt (or expense) has been met.
Adjusting journal entry to record bad debt?
Debit bad debtsCredit accounts receivable
What is the journal entry of Reversal of provisions of bad debt?
debit accounts receivableCredit provision for bad debts
