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What is the journal entry for credit sales 50 percent now and 50 percent later?
Wiki User
∙ 9y ago
debit accounts receivable (for 50% Sales)
credit sales revenue
Wiki User
∙ 9y ago
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What are the accounting journal entries to record income?
If receiving cash from a good or service, the journal entry will be something like the following.Cash (debit)Revenue or Income (credit)If you supply a good or service and the customers is going to pay at a later date, less than a year the journal entry will be similar to the following.Account Receivable (debit)Revenue or Income (credit)
What is the journal entry of an advertising bill received but not paid Then later a partial payment is made?
When bill received:[Debit] Advertisement expense[Credit] Expenses payableWhen partial payment[Debit] Expenses payable[credit] Cash / bank
What is the journal entry for bad debts written off and later realized?
Debit cashCredit bad debts
When is it necessary to include vendor name in an accounts payable entry in a journal?
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.
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
What will be the journal entry dental supplies purchased in cash and used at a later time?
[Debit] Dental Supplies [Credit] Cash
What are the accounting journal entries to record income?
If receiving cash from a good or service, the journal entry will be something like the following.Cash (debit)Revenue or Income (credit)If you supply a good or service and the customers is going to pay at a later date, less than a year the journal entry will be similar to the following.Account Receivable (debit)Revenue or Income (credit)
What is the journal entry of an advertising bill received but not paid Then later a partial payment is made?
When bill received:[Debit] Advertisement expense[Credit] Expenses payableWhen partial payment[Debit] Expenses payable[credit] Cash / bank
What is the journal entry for bad debts written off and later realized?
Debit cashCredit bad debts
When is it necessary to include vendor name in an accounts payable entry in a journal?
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.
Accounting journal entries?
I am assuming this question is asking what Accounting journal entries are? Each of a firm's transactions are recorded in journals. Each major transaction is recorded in the General Journal, where various repetitive transactions are recorded in special journals, with the totals translated into the General Journal later. These journal entries are the basis for the General Ledger, the Trial Balance, and the Financial Statements. There are two components to any journal entry: Debits and Credits. Whenever you debit accounts in your journal entry, you must credit other accounts for an equal amount. Your total debits should always equal total credits. As an example, these are what the journal entries for the sale of inventory to a customer might look like. Part 1 - The Inventory was sold to an outside customer for $100. Debit: Cash $100 Credit: Revenue $100 Part 2 - The Cost of the Inventory credited to the books Debit: Cost of Goods Sold $75 Credit: Merchandise Inventory $75
How is a ledger or account book is maintained?
When a transaction occurs, a journal entry is made coinciding with this transaction. Later these transactions are posted from the journal to the ledger, then a trial balance is made to insure that the accounts are accurate and "balance".
What is the journal entry for a 9000 long term loan that will be repayed at 10000 at a later time Also what is the journal entry for repaying this loan in full?
Debit cash / bank 9000Credit long term loan 9000Debit long term loan 9000debit loss on repayment 1000Credit cash /bank 10000
Journal entry for prepaid expenses?
1.Intial Step when we pay the prepaid Expenses Prepaid Expenses A/c DR Bank A/C CR 2.Later on adjustment in our books Expenses A/c DR Prepaid Expenses A/C CR
What is the journal entry of telephone bill?
To record the telephone bill, the journal entry would be: Debit Telephone Expense (income statement account) for the amount of the bill, and Credit Accounts Payable (balance sheet liability account) for the same amount if the bill is to be paid later, or Credit Cash (balance sheet asset account) if the bill is paid immediately.
What is the accounting journal entry to record audit fees?
If paid in cash use the following accounts: A debit to Audit Fee Expense A credit to Cash If the fee is going to be paid at a later date use the following accounts: Debit to Audit fee expense Credit to Audit fee payable Once the fee is paid then we use the following accounts Debit to Audit fee payable Credit to Cash a/c
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
