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Debit Accounts Payable
Credit cash / bank
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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.
When recording a journal entry for a sale on an account what needs to happen?
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
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.
What is the journal entry if the payment has not yet been received but clients were billed?
debit the client account (debtor account) and credit the income account (bill amount)
Why do you pass an journal entry?
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
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.
Which journal entry records payment for supplies?
Debit supplies inventoryCredit cash / bank
When recording a journal entry for a sale on an account what needs to happen?
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
What need to happen when recording a journal entry for a sale on account?
What needs to happen when recording a Journal Entry for a sale on account
What is the journal entry for a payment on an account?
Debit cash / bankCredit accounts receivable
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.
How do you make a journal entry recording an annual interest payment on a note payable?
debit interest expensecredit notes payable
What is journal entry in accounts?
recording of business transaction in chronological order is a journal entry
How do you make a journal entry recording a cash discount of 10000 when you make a payment of 20000 early at the request of the seller?
Cash discount is expenses of trading account but this is not an expenses just like a scheame on spot given to the purchaser. So no seprate discount entry need in journal. just reduce discount amount in total value and entry it.
What is the journal entry if the payment has not yet been received but clients were billed?
debit the client account (debtor account) and credit the income account (bill amount)
What is the proper journal entry for recording a tax refund in the company's financial statements?
The proper journal entry for recording a tax refund in the company's financial statements is to debit the cash account and credit the income tax refund account. This reflects the increase in cash from the refund and properly records the transaction in the company's financial records.
What is journal entry for expense payment?
what is the entry for an excess payment from customer
