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What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
An accounting record of the balances of all assets and liabilities and equity accounts is called a.compound entry. b. general journal. c. general ledger. d. chart of accounts?
c. General Ledger
What is the journal entry to purchase asset from general reserve?
General reserves need to be converted into cash first by issuing new shares to share holders and after that cash can be used to purchase assets.
What is the journal entry for the sale of a corporation?
Debit cash /bankdebit liabilitiesCredit assets
How do record journal entry when the inventory is thrown away?
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
What is another name for the general journal in accounting?
the information is entered in the general journal, which is called the book of original entry.
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.
Journal entry for ammortization of furniture?
Furniture is depreciated as it is tangible assets while intangible assets are amortized.Debit depreciationCredit Furniture
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
What is journal entry to combine company assets?
Debit combined assetsCredit combined liabilities
In bookkeeping, what is the record of original entry?
The General Journal
How do you record a journal entry in QuickBooks?
To record a journal entry in QuickBooks, go to the Company menu, select Make General Journal Entries, enter the date and journal entry number, choose the accounts to debit and credit, input the amounts, and save the entry.
