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What is journal entry in accounts?
recording of business transaction in chronological order is a journal entry
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.
What will the journal entry of accounts recievable?
debit accounts receivablecredit sales revenue
What happends when recording a journal entRy?
When recording done as journal entry any business transaction is recorded in books of accounts and become part of business books of accounts.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
What is the journal entry for parent company paid rent to holding company?
Parent company journal entry Debit cash | Credit accounts payable - rent Holding company journal entry Debit accounts receivable - rent | Credit cash
How do you explain accounts receivable in a journal entry?
Debit accounts receivableCredit sales revenue
What is the journal entry for accounts receivable?
debit accounts receivablecredit sales
What is the journal entry?
Debit accounts receivableCredit sales revenue
Is a journal voucher also a journal entry?
No, These two are different. Journal vochar is document through which journal Entries are made in books of accounts
What is journal entry of accrual?
debit expense accountcredit accounts payabledebit accounts receivablecredit income
How you record accounts payable settlement in journal entry?
debit accounts payableCredit cash / bank
