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Journalize entries for Trade-in Of Old Fixtures For New Ones in accounting?
Wiki User
∙ 10y ago
[Debit] New Fixture
[Debit] Accumulated-Depreciation Old Fixture
[Debit] Loss on sale of old fixture (if any)
[Credit]Old Fixture
[Credit]Cash/Bank
[Credit] Profit on sale of old fixture (if any)
Wiki User
∙ 10y ago
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Where is the information obtained to journalize adjusting entries?
figure it out yourself and then let me know cause i have no idea :(
How do you journalize entries for the stock issuances?
Debit Cash / bank Credit share capital account
How do you journalize adjusting entry license future year?
Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.
Define and distinguish between entries on the books and entries on the workpapers and explain why such an entries on the books and on the workpapers are required in the consolidation process?
what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting?
How do you correct errors in accounting?
To rectify the errors in accounting adjusting entries are made to adjust the amount in any transaction or reversing the original entries etc.
Why are adjusting entries needed at the end of accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
What is the steps in accounting process?
1 - Collect source document 2 - Analyze the transaction 3 - Journalize transaction 4 - Posting transaction 5 - Prepare unadjusted trial balance 6 - Prepare adjusting entries 7 - Prepare trial balance 8 - Prepare financial statements
What transactions might not require reversing entries?
What transactions in accounting might not require reversing entries
What transactions might require reverse entries?
What transactions in accounting might not require reversing entries
Why are closing entries required at the end of an accounting period?
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
What is adjustment entries?
Adjusting entries are journal entries which are normally made to allocate income or expenditure to the accounting period in which they actually occured.
Why are adjusting entries needed at the end of an accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
