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Debit cash / bank
Credit other income
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∙ 9y ago
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How do you record a journal entry for money recevied from legal judgment?
Debit cashCredit other income
What the journal entry when a party recived lease rent from other party?
debit cash / bankcredit Rent income
What is different between journal entry and journal voucher?
ones a journey entry and the other is a journey voucher
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What is the journal entry if you get some money to vacate the rented store room?
You would debit bank and credit rent payable (this will reduce the overall rent) or other income.
What is as journal entry?
Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.
Is there a space between journal entries?
a properly formatted journal entry should have a space (can be one) between the end of one day and the beginning of the other. Beyond that it is up to you how you space your running entry.
Why journal is called a book of original entry?
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
What is double entry journal style?
Double entry journal style is a method of note-taking that involves dividing a page into two columns. In one column, you record information from the text you are studying, and in the other column, you reflect on or analyze that information. This style helps you engage with the material more deeply and make connections between ideas.
What is the journal entry if a company pays the debts of another company?
Debit investment in other companyCredit cash / bank
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
