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What are the accounting journal entries for treasury bills purchased on discount?
Wiki User
∙ 9y ago
There are several journal entries that could be made for items purchased on discount. The journals for keeping tabs generally have categories for debit, credit, discount, and total.
Wiki User
∙ 9y ago
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What are the Journal entries for treasury bills purchased on discount?
debit cash credit bills purchase
What are the accounting journal entries to record a sale of inventory with discount?
debit accounts receivablecredit sales revenue
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?
When are you journal voucher use in tally?
All transactions entries which will not do to any other accounting vouchers.
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.
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
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.
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 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
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.
