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Expenditure is that amount which is paid in advance and benefit of which amount is need to be taken for more than one fiscal year like asset expenditure
Debit fixed asset
Credit cash / bank
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∙ 9y ago
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What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is the definition of compound journal entry?
Compound journal entry is that in which there is more than one debit and credits or where there is more than one transactions recorded on one journal entry.
What do you call a journal entry with two or more credits and debits?
Journal entry with two or more debits and credits is called "Compound Journal Entry" because either in one transaction or more than one transactions are join together in one journal entry.
What must a journal entry always include?
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
What is the basic formula to do a journal entry?
all you need is one pencil and one copisition book the formula is P*Ca journal entry this is your friendly formula for a journal entry. yours truly Jacob smith. ==
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
What is a compound entry?
Accounting: A journal entry that has more than one debit or credit value
Is there a space between journal entries?
a properly formatted journal entry should have a space (can be one) between the end of one day and the beginning of the other. Beyond that it is up to you how you space your running entry.
What is Compound Entry?
A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries; they are combined for either of these reasons:
What requires a compound journal entry?
More than one debit or credit transaction is required to be recorded as compound journal entry for example:Debit furnituredebit buildingcredit cash / bank
