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What is the journal entry of transferring unsecured loan to balance sheet?
Wiki User
∙ 9y ago
Debit cash / bank
Credit unsecured loan
Wiki User
∙ 9y ago
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Why use journal entry?
Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
Journal entry for adjusting closing stock with purchases?
what is entry of closing stock in p & L a/c & balance sheet
How do I create a journal entry for opening an account balance?
Debit bank accountCredit cash
What is the journal entry when purchasing a company?
Debit assetsCredit liabilitiescredit cash / bank (balance amount)
Why the trial balance may not balance?
Answer:The purpose of the trial balance is (historically) to verify if any errors were made with posting the journal entries to the ledger. Every journal entry makes debits and credits to (at least) two T-accounts, where the total of the debit and credit amounts need to be equal. The journal entry is posted to the journal, and the T-accounts affected are updated in the ledger. The trial balance is a list of all T-accounts and their balances. As the underlying journal entries need to balance out (total debits equal total credits), the balances of the trial balance also need to balance. If this is not the case, it means that an error has been made. It means that some journal entry has been entered into the ledger which did not balance.With computerized bookkeeping, this purpose (checking for errors) has been lost (at least for the user, the software may still use the trial balance to check for consistency).
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 a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is the journal entry for fund transferring from one bank to another bank?
Debit transfer bankCredit transferee bank
What journal entries do you make for your construction loan?
My account balance in Construction LOC is $154833.00; what is the journal entry to record the $154833 in Construction in Progress Account? roger_randolph@yahoo.com
Do adjusting journal entry affect the income statement or balance sheet?
Adjusting entries affect at least one income statementand one balance sheet
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
What is the Journal entry to revalue cash on the balance sheet?
if cash is under valued then debit the cash with amount while if cash is overvalued the cash will be credited to reduce the balance.
