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Journal entry for Machinery purchased for Rs. 1 lakh?
If purchased in cash.. machinery A/C......................Dr To cash A/C If purchased on credit.. Machinery A/C.......................Dr To Suppliers A/C
What is the journal entry for wages paid for installation of machinery?
[Debit] Machinery Asset [Credit] Cash Account
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
What is the journal entry for a purchase purchased on account of 54780?
what is the journal entry for purchase returns
What is the journal entry for Milk purchased by issuing cheque?
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.
Journal entry for Machinery purchased for Rs. 1 lakh?
If purchased in cash.. machinery A/C......................Dr To cash A/C If purchased on credit.. Machinery A/C.......................Dr To Suppliers A/C
What is the journal entry for wages paid for installation of machinery?
[Debit] Machinery Asset [Credit] Cash Account
What will be the journal entry for supplies purchased with a check?
Debit supplies accountCredit bank account
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
What is the journal entry for a purchase purchased on account of 54780?
what is the journal entry for purchase returns
What is the journal entry to book a machine purchased with shares?
debit machine accountcredit share capital account
What will be the journal entry for installation charges paid for a machinery?
[Debit] machinery account [Credit] Cash / bank Normally expenses incurred at the time of purchase of assets till it's working location is included in actual asset's account
What is the journal entry for deposit to bank account for beginning a business?
Journal entry for opening a bank account
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.
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
Paid 600 to Royal Company on account. what is the journal entry of this transaction?
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
What must a journal entry always include?
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
