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if a business produces and sells machinery, then machinery sold is income.
The working machinery a business possesses which is used in producing a product are assets.
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General Journal Entries
Manufacturer /Dealer:
Dr Bank/ Accounts Recievable X
Dr Cost of Sales Y
Cr Sales X
Cr Inventory Y
Normal:
Dr Bank/ Accounts Recieveable
Dr Accumulated Depreciation on Machinery
Cr PPE: Machinery
Cr Profit on Sale of Machinery
or
Dr Loss on Sale of Machinery
What else can I help you with?
What is the journal entry for wages paid for installation of machinery?
[Debit] Machinery Asset [Credit] Cash Account
What is the Journal entry for goods sold?
debit accounts receivablecredit sales revenue
What is the journal entry for goods sold to sudhir for cash?
debit cashcredit sales revenue
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 goods sold to a?
[Debit] A account xxxx [Credit] Sales revenue xxxx
What is the journal entry for wages paid for installation of machinery?
[Debit] Machinery Asset [Credit] Cash Account
What is the Journal entry for goods sold?
debit accounts receivablecredit sales revenue
What is Journal entry for sold goods?
debit accounts receivablecredit sales revenue
What is the journal entry for goods sold to sudhir for cash?
debit cashcredit sales revenue
How do record journal entry when the inventory is thrown away?
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
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 goods sold to a?
[Debit] A account xxxx [Credit] Sales revenue xxxx
What is the T account for Journal entry for Machinery purchased on cash?
find out the accounts involed in eash of the following cases Q:- machinery purchased for cash. Q:- furniture is purchased on cresit
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is the accounting journal entry for unrecorded inventory?
Unrecorded inventory may be conceived as theft. To avoid this, you can record this entry in your accounting journal under some of these examples; items scrapped, moved items, or goods sold from stock.
Journal entry ledger samples?
Journal entry ledger samples can be found online at places like Accounting Explained and GSU.edu. You might also find these samples in journals sold at places like Office Depot.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
