Debit down payment
Credit Cash
[Debit] Down payment xxxx [Credit] cash xxxx
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.
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
[Debit] Down payment xxxx [Credit] cash xxxx
cash book
what is the entry for an excess payment from customer
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.
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
[Debit] Purchases xxxx [Credit] Cash/bank xxxx (For Down payment) [Credit] Notes Payable xxxx
Debit advance payment for assetCredit cash / bank
The journal entry to record payment for supplies would involve crediting the cash account and debiting the supplies expense account.
Debit cash / bankCredit accounts receivable
[Debit] Gratuity [Credit] Cash / bank
Debit accounts payableCredit cash /bank