Debit accounts receivable
Credit sales revenue
Journal entry for opening a bank account
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
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.
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
What needs to happen when recording a Journal Entry for a sale on account
Debit Receivables Credit Income/Sales when cash is received: Debit Cash Credit Receivables
Journal entry for opening a bank account
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
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.
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
[Debit] Depreciation account [Credit] Asset account
Reversing the JE
what is the journal entry for purchase returns
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.