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What is journal entry in cash book for goods purchased on credits and when payment is done?
Wiki User
∙ 9y ago
debit purchases
credit Accounts Payable
debit accounts payable
credit cash / bank
Wiki User
∙ 9y ago
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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 is journal entry for expense payment?
what is the entry for an excess payment from customer
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.
How do you made a journal entry for loan repayment schedule?
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What journal entry is a down payment?
Debit down paymentCredit Cash
What is the journal entry for down payment of cash?
[Debit] Down payment xxxx [Credit] cash xxxx
What is the Journal entry for purchase of asset by advance payment?
Debit advance payment for assetCredit cash / bank
Which journal entry records payment for supplies?
The journal entry to record payment for supplies would involve crediting the cash account and debiting the supplies expense account.
What is the journal entry for unsubscribe capital stock?
There is no journal entry for unsubscribed capital as this is that portion of capital which is company has offered to shareholders for purchase but nobody has purchased that capital so no transaction incurred and hence no journal entry required.
What is the journal entry for a payment on an account?
Debit cash / bankCredit accounts receivable
What is journal entry for gratuity payment?
[Debit] Gratuity [Credit] Cash / bank
