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What is the Journal entry for purchase of asset by advance payment?
Wiki User
∙ 9y ago
Debit advance payment for asset
Credit cash / bank
Wiki User
∙ 9y ago
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What is the Journal entry to purchase of an asset?
debit assetscredit cash / bank
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
Journal entry of credit purchase of asset?
Debit assetsCredit accounts payable
What is the difference between purchase voucher and journal voucher?
if we purchase assets on credit then we will pass its entry in journal voucher n if we buy anything other then asset related to our business then we will go for purchase voucher..........
3 situations in which a cash payment would not involve recognition of an expense?
Purchase of a fixed asset. Payment of a liability, loan or other debt. Payment of a dividend.
What is the Journal entry to purchase of an asset?
debit assetscredit cash / bank
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
Journal entry of credit purchase of asset?
Debit assetsCredit accounts payable
What is the difference between purchase voucher and journal voucher?
if we purchase assets on credit then we will pass its entry in journal voucher n if we buy anything other then asset related to our business then we will go for purchase voucher..........
Journal entry for new car purchase?
[Debit] Car Asset [Credit] Cash / bank
3 situations in which a cash payment would not involve recognition of an expense?
Purchase of a fixed asset. Payment of a liability, loan or other debt. Payment of a dividend.
Journal entry for the interest on a fixed asset purchase?
Debit fixed assetdebit interest expenseCredit cash /bank
Does insurance go under assets or liabilities?
If insurance paid in advance then it is asset but if insurance benefit taken and payment not made then it is liability.
Journal entry for salary advance paid?
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
What is journal entries when owner withdraw asset on sales price?
general journal
What are the journal entry for asset revaluation?
debit asset and credit asset revaluation
Is payment in advance a current asset or a liability in the balance sheet in the UK?
Advances from any other person to our firm how will i take - In Liability what is the head
