Transaction Entry
Cash a/c dr 2350
To bad debts
recovered 2350
(being B.D recovered)
Transfer entry
Bad debts recovered a/c dr 2350
To P&L a/c 2350
(Being B.D recovered
transferred to P&L a/c)
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
Drawing account is contra account used to charged for expenses by the owners of business instead of adjusting capital account repeatedly.
Dr: Prepayment to Suppliers (In Case of Expense, then "Prepaid expense" account will be debited e:g Prepaid Rent) Cr: Bank/Cash
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.
prepaid revenue is debited and revenue is credited
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
Debit Loan account 2000 Credit Wages account2000
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
Drawing account is contra account used to charged for expenses by the owners of business instead of adjusting capital account repeatedly.
The expense account will be debited and capital will be credited by the same ammount
Dr: Prepayment to Suppliers (In Case of Expense, then "Prepaid expense" account will be debited e:g Prepaid Rent) Cr: Bank/Cash
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.
Typically, the accounts that are credited are placed first in a journal entry, followed by the accounts that are debited. The credit account is listed on the first line with the credit amount, and the debit account is listed below with the debit amount.
I think that you mean a debit which goes on the left side of the journal or in your record book
By entering the transaction in a reverse way. Ex: If A account is debited with USD500 and B account is credited with USD 500, to reverse or eliminate the effect of this entry, you Debit B account with USD 500 and credit A account with USD 500.
prepaid revenue is debited and revenue is credited
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.