Accrued income
To Income
(Being Brokerage due but not received)
debit interest expensecredit interest payable
debit telephone expensescredit expenses payable
Debit bad debtsCredit accounts receivable
debit interest receivablecredit interest income
The journal entry for rent paid to Mohan would be recorded as follows: Debit Rent Expense (for the amount paid) Credit Cash or Bank (for the same amount) This entry reflects the expense incurred for using the property and the reduction in cash or bank balance due to the payment.
debit interest expensecredit interest payable
rent due to landlord
debit accrued expensescredit expense payable
debit telephone expensescredit expenses payable
Debit bad debtsCredit accounts receivable
debit interest receivablecredit interest income
To perform a re-class journal entry, first identify the accounts that need adjustment due to misclassification. Then, create a journal entry that debits the account that was incorrectly credited and credits the account that should have been credited. Include a clear description to explain the reason for the reclassification. Finally, post the entry to the general ledger to ensure accurate financial reporting.
The journal entry for rent paid to Mohan would be recorded as follows: Debit Rent Expense (for the amount paid) Credit Cash or Bank (for the same amount) This entry reflects the expense incurred for using the property and the reduction in cash or bank balance due to the payment.
When a typewriter is given as a gift, there is no journal entry for the giver, as it does not impact their financial records. However, if the recipient were to record the receipt of the typewriter as an asset, the journal entry would be a debit to the asset account (Typewriter) for the fair market value of the typewriter and a credit to a gift income account for the same amount. This reflects the increase in assets due to the gift received.
The journal entry for paid rent for the month typically involves debiting the Rent Expense account and crediting the Cash account. For example, if the rent payment is $1,000, the entry would be: Debit Rent Expense $1,000 Credit Cash $1,000 This reflects the expense incurred for using the property and the reduction in cash due to the payment.
The journal entry for milk purchased by issuing a cheque would be recorded as follows: Debit: Milk Inventory (or Purchases) account for the amount of the purchase Credit: Bank (or Cash) account for the same amount This entry reflects the increase in inventory (or purchases) and the decrease in cash due to the payment made via cheque.
The journal entry for discount allowed typically involves debiting the Discount Allowed account and crediting the Accounts Receivable or Sales account. For example, if a business allows a $100 discount on a sale, the entry would be: Debit: Discount Allowed $100 Credit: Accounts Receivable or Sales $100 This reflects the reduction in revenue due to the discount offered to the customer.