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What is journal entry when started business by borrowing cash from friend with interest 12 percent?
[Debit] Cash account xxxx [Credit] Capital xxxx Interest will paid after a year when it will due.
What is the journal entry for Interest due but not received?
debit interest receivablecredit interest income
What is the journal entry of telephone bill is due to be paid?
debit telephone expensescredit expenses payable
What is journal entry for rent paid to mohan?
The journal entry for rent paid to Mohan would be recorded as follows: Debit Rent Expense (for the amount paid) Credit Cash or Bank (for the same amount) This entry reflects the expense incurred for using the property and the reduction in cash or bank balance due to the payment.
What is the journal entry for paid rent for the month?
The journal entry for paid rent for the month typically involves debiting the Rent Expense account and crediting the Cash account. For example, if the rent payment is $1,000, the entry would be: Debit Rent Expense $1,000 Credit Cash $1,000 This reflects the expense incurred for using the property and the reduction in cash due to the payment.
What is journal entry when started business by borrowing cash from friend with interest 12 percent?
[Debit] Cash account xxxx [Credit] Capital xxxx Interest will paid after a year when it will due.
What is the journal entry for Interest due but not received?
debit interest receivablecredit interest income
What is the journal entry of telephone bill is due to be paid?
debit telephone expensescredit expenses payable
What should be the journal entry for cash due but not paid?
debit accrued expensescredit expense payable
What is journal entry for rent paid to mohan?
The journal entry for rent paid to Mohan would be recorded as follows: Debit Rent Expense (for the amount paid) Credit Cash or Bank (for the same amount) This entry reflects the expense incurred for using the property and the reduction in cash or bank balance due to the payment.
What is the journal entry for paid rent for the month?
The journal entry for paid rent for the month typically involves debiting the Rent Expense account and crediting the Cash account. For example, if the rent payment is $1,000, the entry would be: Debit Rent Expense $1,000 Credit Cash $1,000 This reflects the expense incurred for using the property and the reduction in cash due to the payment.
What is journal entry for brokerage due to us rs 500?
Accrued income To Income (Being Brokerage due but not received)
What is the journal entry of rent income?
rent due to landlord
What is the journal entry to write off a customer account due to bankruptcy?
Debit bad debtsCredit accounts receivable
How do you do a re-class journal?
To perform a re-class journal entry, first identify the accounts that need adjustment due to misclassification. Then, create a journal entry that debits the account that was incorrectly credited and credits the account that should have been credited. Include a clear description to explain the reason for the reclassification. Finally, post the entry to the general ledger to ensure accurate financial reporting.
Is interest paid the same as interest expense?
Interest paid and interest expense are closely related but not identical concepts. Interest paid refers to the actual cash outflow for interest on debt during a specific period, while interest expense is the accounting recognition of that interest cost on the income statement, which may include accrued interest not yet paid. In many cases, they can be the same, but differences can arise due to timing and accounting practices.
What is the journal entry for an asset such as a typewriter given to a son as a gift?
When a typewriter is given as a gift, there is no journal entry for the giver, as it does not impact their financial records. However, if the recipient were to record the receipt of the typewriter as an asset, the journal entry would be a debit to the asset account (Typewriter) for the fair market value of the typewriter and a credit to a gift income account for the same amount. This reflects the increase in assets due to the gift received.
