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You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?

Updated: 9/15/2023

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∙ 15y ago

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Credit Food Inventory

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∙ 15y ago

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Q: You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?

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What is the journal entry for donated cash?

[Debit] Cash [Credit] Donations

How do you undo journal entry?

journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.

What is journal entry for depreciation?

[Debit] Depreciation account [Credit] Asset account

How do you record depreciation in a journal entry?

[Debit] Depreciation Account [Credit] Assets Account

How do you increase a liability?

A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.

Related questions

What is the journal entry for donated cash?

[Debit] Cash [Credit] Donations

How do you undo journal entry?

journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.

What is journal entry for depreciation?

[Debit] Depreciation account [Credit] Asset account

What is journal entry for cheq deposit?

[Debit] Bank Account [credit] Cash Account

How do you record depreciation in a journal entry?

[Debit] Depreciation Account [Credit] Assets Account

How do you increase a liability?

A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.

What is the journal entry for sales return?

[Debit] Sales Return account [Credit] Cash account

What is the journal entry of credit purchase?

[Debit] Purchases account [Credit] Accounts Payable

What is the journal entry for a purchase purchased on account of 54780?

Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us

What needs to happen when recording a journal entry for a sale account?

When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.

What is the general journal entry for cash deposited to bank?

Debit Bank account Credit Cash account

What is the journal entry to record an accrued exp?

debit: expense account credit: account payable (vendor)

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