Want this question answered?
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
dr. supplier cr. bank
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
cash book
Credit Bank or Accounts Payable, Debit Fixed Assets.
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
dr. supplier cr. bank
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
Debit drawings accountCredit cash
cash book
Credit Bank or Accounts Payable, Debit Fixed Assets.
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
Journal entry is made as soon as when any business transaction occur in business.
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.