[Debit] Cash
[Credit] Donation
debit truck accountcredit donation / retained earnings
debit asset credit bank
debit equipment accountcredit donation
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
I received letter of credit from my customer how i have to enter my entries
cash a/c Dr. 30400 TO Donation a/c 30400
debit truck accountcredit donation / retained earnings
debit asset credit bank
debit equipment accountcredit donation
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
I received letter of credit from my customer how i have to enter my entries
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
When fixed assets are received as a gift, the journal entry would typically be: Debit - Fixed Asset (at fair value) Credit - Donation Revenue (at fair value) This recognizes the receipt of the fixed asset at its fair value and records the donation revenue for the fair value of the gift.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
debit cash / bankcredit accounts receivable
A journal records what you're findings are
You record he credit entry for transaction (a) 5/1 in the journal as