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debit drawings
credit equipment
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∙ 9y ago
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How do you write Journal entry for equipment rent to somebody?
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
When is journal entry made?
Journal entry is made as soon as when any business transaction occur in business.
Why do you pass an journal entry?
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
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 journal entry in accounts?
recording of business transaction in chronological order is a journal entry
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
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.
Is journal entry passed when PO is booked?
No journal entry required when PO is generated as no business transaction has occurred.
What is the purpose of journal entry?
A journal records what you're findings are
What is a journal entry to buy equipment with common stock?
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
How do you do a journal entry for sale of equipment with a promissary note?
debit equipment accountcredit promisary note
