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What will be Journal entry for purchase of building from general reserve account?
Wiki User
∙ 9y ago
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
Wiki User
∙ 9y ago
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What should be Journal entry for purchase of building from general reserve account?
First of all general reserves need to be converted into cash by issuing new shares and then that cash can be used to purchase building.
In which journal is the return of supplies purchased on account recorded?
General Journal
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
What are five special journals?
1 - Sales Journal 2 - Purchase Journal 3 - Cash Receipt Journal 4 - Cash Payment Journal 5 - General Journal
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
What should be Journal entry for purchase of building from general reserve account?
First of all general reserves need to be converted into cash by issuing new shares and then that cash can be used to purchase building.
In which journal is the return of supplies purchased on account recorded?
General Journal
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
A sales return for credit on account would be recorded in what type of journal?
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
What are five special journals?
1 - Sales Journal 2 - Purchase Journal 3 - Cash Receipt Journal 4 - Cash Payment Journal 5 - General Journal
What is the general journal entry for cash deposited to bank?
Debit Bank account Credit Cash account
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
Account names are written in the general journal exactly as they appear in the chart of accounts?
yes
What are the accounting journal entries to record a purchase of inventory at a distressed price?
If the inventory has some value then it must be entered in a new general ledger expense account and have a new contra asset account for the items. Enter the estimated value as a debit to the inventory obsolescence account and then credit it to the inventory reserve account.
What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
What are the general journal entries for donation received to bank account?
Debit bank accountCredit donation
How do i record in a journal entry an amount of 5000 should be transfered to the general reserve account?
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
