debit interest receivable
credit interest income
debit interest expensecredit interest payable
Accrued income To Income (Being Brokerage due but not received)
[Debit] Cash account xxxx [Credit] Capital xxxx Interest will paid after a year when it will due.
debit telephone expensescredit expenses payable
To record a journal entry for a Non-Sufficient Funds (NSF) check from the bank, you would typically debit the Accounts Receivable account to reverse the payment that was previously recognized, indicating that the funds were not received. Additionally, you would credit the Cash account to reflect the decrease in cash due to the NSF check being returned. This entry effectively reverses the earlier transaction where the payment was recorded.
debit interest expensecredit interest payable
Accrued income To Income (Being Brokerage due but not received)
[Debit] Cash account xxxx [Credit] Capital xxxx Interest will paid after a year when it will due.
The journal entry for a cheque issued to you by Ganesh would typically involve recording the receipt of cash or bank deposit. The entry would be: Debit Cash/Bank Account and Credit Ganesh's Account. This reflects the increase in your cash or bank balance due to the cheque received from Ganesh.
rent due to landlord
debit telephone expensescredit expenses payable
debit accrued expensescredit expense payable
To record a journal entry for a Non-Sufficient Funds (NSF) check from the bank, you would typically debit the Accounts Receivable account to reverse the payment that was previously recognized, indicating that the funds were not received. Additionally, you would credit the Cash account to reflect the decrease in cash due to the NSF check being returned. This entry effectively reverses the earlier transaction where the payment was recorded.
Debit bad debtsCredit accounts receivable
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.
interest revenue will be understated.
The journal entry for purchasing software involves debiting the software asset account to reflect the cost of the software and crediting the cash or accounts payable account depending on the method of payment. This entry recognizes the increase in assets due to the software purchase and the corresponding decrease in cash or increase in liabilities.