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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 need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
The Item column of the ledger account for the opening first entry for the ledger accounts?
The first opening entry of a ledger is the correctly dated total or balance. It is from that amount in which all other numbers are credited and debited.
Under system only cash transactions are recorded in the books of accounts?
single entry system
What is the correct journal entry for electronic deposits from sales that are not on the books as accounts receivable?
debit bankcredit sales
How do you put opening balance in pastel?
To enter an opening balance in Pastel, navigate to the "General Ledger" module and select "Journal Entries." Create a new journal entry, ensuring you choose the appropriate date for the opening balance. Input the balances for each account as debit or credit entries, then save the journal entry. Finally, remember to post the entry to update the accounts with the opening balances.
What entry is made when a payment is made to a creditor?
When a payment is made to a creditor, the following journal entry is recorded in the books of accounts
What is journal entry for market price of stock?
stock is recorded at book value and not on market price in original books of accounts
What are the objective of single entry system?
There are many objectives of a single entry system. Balancing profit and loss, recording transactions, opening accounts, revealing financial position, and preparation of trial balance.
How do you make accounting entry for loan?
Received loan from family members after 3 years family said they don't want their loan back how do i bass my entry in the books of the accounts
What is as journal entry?
Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.
How do you record in books of account sale of land on credit?
The journal entry is as follows: [Debit] Accounts Receivable XXXX [Credit] Land XXXX This entry is only affecting the balance sheet accounts by decreasing one asset account and increasing another asset account. When cash is received, the journal entry is as follows: [Debit] Cash/Bank XXXX [Credit] Accounts receivable XXXX
