[Debit] Gift purchased
[Credit] Cash / bank
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
what is the journal entry for purchase returns
[Debit] Purchase Return [Credit] Purchases
debit assetsCredit liabilitiesCredit cash
debit gift cards expensescredit cash / bank
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
what is the journal entry for purchase returns
[Debit] Purchase Return [Credit] Purchases
debit assetsCredit liabilitiesCredit cash
When a typewriter is given as a gift, there is no journal entry for the giver, as it does not impact their financial records. However, if the recipient were to record the receipt of the typewriter as an asset, the journal entry would be a debit to the asset account (Typewriter) for the fair market value of the typewriter and a credit to a gift income account for the same amount. This reflects the increase in assets due to the gift received.
Debit software purchase accountCredit cash / bank
debit gift cards expensescredit cash / bank
The journal entry is as follows: [Debit] Raw material XXXX [Credit] Cash/bank XXXX
There is no journal entry for unsubscribed capital as this is that portion of capital which is company has offered to shareholders for purchase but nobody has purchased that capital so no transaction incurred and hence no journal entry required.
debit assetscredit cash / bank
Debit bookCredit cash / bank
debit accounts payablecredit purchase returns