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A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company's accounts?
debit Bank 450credit accounts payable 450
Receipts from cash sales of 9500 were recorded incorrectly in the cash receipts journal as 5900 What entry is required in the depositors accounts?
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
What is journal entry for contingent liability?
the Journal entry for the above isRelated Expinditure DrContigent liability CR
What is the journal entry for paid in advance of the expenses for others company?
Expenses of other company is not recorded and it may be shown as loan to that company.
How do the adjusting entries differ from othe journal entries?
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company's accounts?
debit Bank 450credit accounts payable 450
Receipts from cash sales of 9500 were recorded incorrectly in the cash receipts journal as 5900 What entry is required in the depositors accounts?
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
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.
How do you record contingent liabilities?
A contingent liability is recorded in financial statements or books of accounts only if it is a probable contingency and if the liability amount can be estimated. No need to make a journal entryÊif the contingent liability is possible but not probable.Ê
What is journal entry for contingent liability?
the Journal entry for the above isRelated Expinditure DrContigent liability CR
What is the journal entry for paid in advance of the expenses for others company?
Expenses of other company is not recorded and it may be shown as loan to that company.
How do the adjusting entries differ from othe journal entries?
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
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.
Journal entry for contingent liability?
There is no journal entry for contingent liability because contingent means which is not occurred and not sure that when will that liability will be created or liability is depended on certain event that's why contingent liability is shown under financial statements notes as contingent liability.
What requires a compound journal entry?
More than one debit or credit transaction is required to be recorded as compound journal entry for example:Debit furnituredebit buildingcredit cash / bank
Amounts owed to a vendor is it a liability asset revenue epense or divedend?
Anything "owed" is a liability to the company until it is paid.Gathering what I can from the question, I am assuming the "vendor" would be a person/company that supplies a product that another company resales for profit. In other words it is their Inventory, When the merchandise is recieved, at the moment of receipt if the amount isn't paid and is put on account (owed) then journal entry is adebit to Inventorycredit to Account Payable.Since this is a debt it is recorded as a liability, once it is paid however, the transaction goes as followsdebit to Account Payablecredit to CashThe inventory itself remains an asset until it is sold, then the asset decreases and then and only then is the cost initially paid recorded as an expense.
What is a scientific journal article?
a scientific journal is a journal of data recorded from scientist
