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According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
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∙ 14y ago
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What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
How you create an eliminating journal entry?
By entering the transaction in a reverse way. Ex: If A account is debited with USD500 and B account is credited with USD 500, to reverse or eliminate the effect of this entry, you Debit B account with USD 500 and credit A account with USD 500.
Summary of -doctors journal entry by vikram seth?
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What is as journal entry?
Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.
What is another name for the general journal in accounting?
the information is entered in the general journal, which is called the book of original entry.
What is the general ledger journal entry to write stale checks?
You need to check the original journal entry for the check transaction. Then reverse all the original entries by Dr where you initially Cr and vice versa.
How do you reverse a journal entry?
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct 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.
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 is the journal entry to reverse an accrued expense?
Payable Account XXX Expense Account XXX
What is the basic formula to do a journal entry?
all you need is one pencil and one copisition book the formula is P*Ca journal entry this is your friendly formula for a journal entry. yours truly Jacob smith. ==
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
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 need to happen when recording a journal entry for a sale account?
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
Accounting How do you correct wrong account used for journal entry?
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
