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debit cash
credit Accounts Payable
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What is the journal entry for receiving money from customers on account?
debit cashcredit accounts receivable
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
What is the Journal Entry for Money Order Received?
No entry for receiving money order it is the journal entry for the purpose of money order that is actually recorded.
What is the journal entry when the owner pays money from business to buy a truck?
[Debit] Truck account xxxx [Credit] Cash / bank xxxx
What is the journal entry for collections on account?
Collections on account refer to money collected from customers who have already received goods/services on credit. Hence, the double entry is: Dr Cash Cr Accounts receivable
What is the journal entry for receiving money from customers on account?
debit cashcredit accounts receivable
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
What is the Journal Entry for Money Order Received?
No entry for receiving money order it is the journal entry for the purpose of money order that is actually recorded.
What is the journal entry when the owner pays money from business to buy a truck?
[Debit] Truck account xxxx [Credit] Cash / bank xxxx
What is the journal entry for collections on account?
Collections on account refer to money collected from customers who have already received goods/services on credit. Hence, the double entry is: Dr Cash Cr Accounts receivable
What is journal entry of bought motorcycle for personal use for rs 6000 and payment was made out of business money?
Drawing A/c ------Dr 6000 To Bank A/c 6000
How do you record a journal entry for money recevied from legal judgment?
Debit cashCredit other income
What is the journal entry for starting a business with money which is borrowed from a friend and husband?
debit cashcredit capital
What is the journal entry when the owner deposits money into the business?
[Debit] Cash / bank [Credit] Owners capital
What you the journal entry for borrowing money to issue bonds?
Debit cash / bankCredit long term bonds
What is the journal entry when the owner withdraws money from the business account for personal use?
debit drawingscredit cashDebit - Accounts Receivable - Owner Credit - Cash
What is the journal entry for receipt from consultation service was rs 8250?
The journal entry for receiving a consultation service fee of Rs 8250 would involve crediting the Consultation Service Revenue account for Rs 8250 to recognize the revenue earned. The corresponding debit entry would typically be made to a Cash or Accounts Receivable account, depending on whether the payment was received immediately or will be received at a later date. This entry follows the basic accounting principle of recognizing revenue when it is earned, regardless of when the cash is actually received.
