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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 the difference between a journal and an article?
A journal is a publication that contains a collection of articles on a specific topic, while an article is a single piece of writing within a journal or any other publication.
How do you record other income?
To record other income, first identify the source of the income and ensure it is properly documented. Create a journal entry that credits the appropriate income account and debits the cash or accounts receivable account, depending on whether the income has been received or is expected in the future. Ensure to classify this income correctly in financial statements to maintain accurate reporting and compliance with accounting standards. Lastly, keep detailed records for tax purposes and financial analysis.
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.
