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Dr Investment
Cr Provision for contingent consideration
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∙ 11y ago
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Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
What is the purpose of journal entry?
A journal records what you're findings are
You record the debit entry for transaction a 5 1 in the journal as?
You record he credit entry for transaction (a) 5/1 in the journal as
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
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 are name of record of transactions?
It is termed as Journal entry.
In bookkeeping, what is the record of original entry?
The General Journal
If a company gives a director a loan of 15000 how do I record a general journal entry?
If a company gives a director a loam of 15000 you will record it on the debit section of the general journal entry.
What is the accounting journal entry to record the purchase price of a business?
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
How do record journal entry when the inventory is thrown away?
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
When goods are shipped FOB destination and the seller pays the transportation charges what journal entry does the buyer make?
Journal entry in the books of the buyer: [Debit] Goods Purchased xxxx [Credit] Cash/bank xxxx As buyer has not paid the freight charges, he will only record the transaction with original goods purchased amount.
What is the journal entry to record interest on a loan?
Journal Entry:Interest on loan a/c xxxxLoan a/c xxxx
