Electrycity bill A/C Debit
To Cash A/C Credit
Debit electricity expensesCredit cash / bank
Debit electricity expensesCredit expenses payable
debit electricity billcredit bank
Debit electricity chargesCredit cash /bank / accounts payable
[Debit] Electricity expenses xxxx [Credit] Cash xxxx
Debit electricity expensesCredit cash / bank
Debit electricity expensesCredit expenses payable
debit electricity billcredit bank
Debit electricity chargesCredit cash /bank / accounts payable
[Debit] Electricity expenses xxxx [Credit] Cash xxxx
debit electricity billcredit bank
drawings a/c ..dr to cash a/c
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
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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.
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.