If receiving cash from a good or service, the journal entry will be something like the following.
Cash (debit)
Revenue or Income (credit)
If you supply a good or service and the customers is going to pay at a later date, less than a year the journal entry will be similar to the following.
Account Receivable (debit)
Revenue or Income (credit)
debit income tax paidcredit cash
debit giftcredit capital
Debit prepaid inventoryCredit cash / bank
The accounting journal entries to record a security deposit should be a separate entry titled security deposit. You should include the tenants name, and it should be considered a liability since you will have to return it at some point.
Debit fixed assetCredit cashcredit rebate
debit income tax paidcredit cash
debit assetcredit donations
debit basketballcredit cash
. 1. Based on the bank reconciliation prepare the journal entries.. Alaine Alvarez consulting July 31
debit installation chargescredit cash
debit giftcredit capital
Debit prepaid inventoryCredit cash / bank
Debit accounts payableCredit cash / bank
The accounting journal entries to record a security deposit should be a separate entry titled security deposit. You should include the tenants name, and it should be considered a liability since you will have to return it at some point.
debit accounts receivablecredit sales revenue
Debit fixed assetCredit cashcredit rebate
debit stamp age purchasecredit cash