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What is the account entry should do for a car company which is installment?
Wiki User
∙ 10y ago
The account entry that you should do for a car company, if it's an installment payment, is a debit. This means that you have paid the bill and you deducting it from your bank balance.
Wiki User
∙ 10y ago
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How do you record a journal entry for an installment sale?
Installment A/r(dr) Installment sales(cr)
Paid 600 to Royal Company on account. what is the journal entry of this transaction?
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
How to make entry in case the owner draws cash from company account in tally?
debit the cash account with drawings amount (Thanks but drawing account should be under what?) please clarify.
What is the journal entry for a purchase purchased on account of 54780?
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
What is the journal entry for withdrawing cash from a company?
[Debit] Drawings account xxxx [Credit) Cash account xxxx
What is the journal entry when a company pays a utility bill using double entry accounting system?
[Debit] Utility bill account xxxx [Credit] Cash / bank account xxxx
What is the journal entry in purchasing software?
The journal entry for purchasing software involves debiting the software asset account to reflect the cost of the software and crediting the cash or accounts payable account depending on the method of payment. This entry recognizes the increase in assets due to the software purchase and the corresponding decrease in cash or increase in liabilities.
What are the necessary journal entries passed while opening the letter of credit?
The following entries you can pass while opening LC's. You can open a control account to maintain how many LC's are opening and settling Example ABC company establishing an LC on the Supplier XYZ company for $ 300,000 in SCT Bank You can open a control account to keep the track of all your LC Transactions is that is opening and closing First Entry: XYZ Company Dr $ 300,000 to SCT Bank LC Establishing Account $300,000(Control Account) Being LC establised in the SCT Bank Second Entry: When you accept the LC ( Liability) that means your goods reached your port and bank send you documents arrival advice SCT Bank LC Establishing Account $ 300,000 (Control Account) SCT Bank LC Acceptance Account $ 300,000 (Liability Created) Third Entry: SCT Bank LC Acceptance Account Dr $ 300,000 To SCT Bank Account (Amount Settled to Party) Fourth Entry Purchase A/c Dr $ 300,000 XYZ Company $300,000 First entry you debited Xyz Company and Fourh Entry you Credited First Entry You Credited SCT Bank LC Establishing Account and Second Entry you credited Second Entry you credited LC acceptance account and Third entry you debited Fourth Entry you Debited purchases and Credited Bank that means your total LC recorded from the opening to settling.
What should be Journal entry for purchase of building from capital reserve account?
Credit your capital account, debit the freehold property account
The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
When do you debit and when do you credit an account?
Another account will receive a "credit" entry, meaning the amount will be (You can refer to the company's chart of accounts to select the proper accounts}.
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.
