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Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
What is a journal entry to buy equipment with common stock?
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
What is journal entry for rent paid to mohan?
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.
What is the journal entry when a company pays a utility bill using double entry accounting system?
[Debit] Utility bill account xxxx [Credit] Cash / bank account xxxx
What is the journal entry for paid rent for the month?
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.
How do you do a journal entry?
we start it with a date,write about the topic using ''I''
Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
Where in quick books to post the owners contribution?
Owners contribution can be posted by using journal entry transaction as there is no direct way to show owners contribution as only journal entry can be used to show that.
What is a journal entry to buy equipment with common stock?
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
What is journal entry for rent paid to mohan?
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.
What is the journal entry when a company pays a utility bill using double entry accounting system?
[Debit] Utility bill account xxxx [Credit] Cash / bank account xxxx
Is it permissible to pay my personal taxes using funds from my business account?
No, it is not permissible to pay personal taxes using funds from a business account. It is important to keep personal and business finances separate to maintain legal and financial integrity.
What are the characteristics of a journal entry?
Usually expression in the first person (using I) and generally deeply personal and honest reflection in addition to more trivial details from the writer's life. A journal entry often serves as an emotional release for the writer, and so would usually include thoughts that the writer needs to express but could not do so otherwise to other people (for example, out of embarrassment or guilt).
Where can one contribute to the Austin Business Journal?
You can contribute to the Austin Business Journal by using their contact us page located on Biz Journals. You can also call them at 512-494-2500 or fax them at 512-494-2525.
What is the journal entry for paid rent for the month?
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.
How can blogs be used personally?
Well you use your blog as if you were using it as a diary or a journal. Like talk about personal stuff.
What are the characteristics of a journal?
Usually expression in the first person (using I) and generally deeply personal and honest reflection in addition to more trivial details from the writer's life. A journal entry often serves as an emotional release for the writer, and so would usually include thoughts that the writer needs to express but could not do so otherwise to other people (for example, out of embarrassment or guilt).
