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What is the journal entry of supplies used?
[Debit] Supplies expenses [Credit] Supplies Inventory
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
Which one is the correct Journal entry when promoters with draw goods?
When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or Goods account. This reflects the decrease in the company’s assets (inventory) and acknowledges the withdrawal by the promoter as a personal drawing. For example: Debit: Drawings Account Credit: Inventory/Goods Account This entry properly accounts for the transfer of goods from the business to the promoter's personal use.
What is the journal entry of goods destroyed by rain 90000 insurance company admitted the claim?
The journal entry for goods destroyed by rain, with an insurance claim of 90,000 admitted by the insurance company, would involve recognizing the loss of the inventory and the insurance receivable. The entry would be: Debit "Loss from Inventory Write-off" for 90,000. Credit "Inventory" for 90,000. Debit "Insurance Receivable" for 90,000 when the claim is recognized. Credit "Insurance Income" for 90,000 once the claim is received. This reflects the loss of goods and the expected recovery from the insurance claim.
Paid 600 to Royal Company on account. what is the journal entry of this transaction?
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
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
What is the journal entry for parent company paid rent to holding company?
Parent company journal entry Debit cash | Credit accounts payable - rent Holding company journal entry Debit accounts receivable - rent | Credit cash
What is the journal entry of supplies used?
[Debit] Supplies expenses [Credit] Supplies Inventory
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
Which one is the correct Journal entry when promoters with draw goods?
When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or Goods account. This reflects the decrease in the company’s assets (inventory) and acknowledges the withdrawal by the promoter as a personal drawing. For example: Debit: Drawings Account Credit: Inventory/Goods Account This entry properly accounts for the transfer of goods from the business to the promoter's personal use.
What is the journal entry of goods destroyed by rain 90000 insurance company admitted the claim?
The journal entry for goods destroyed by rain, with an insurance claim of 90,000 admitted by the insurance company, would involve recognizing the loss of the inventory and the insurance receivable. The entry would be: Debit "Loss from Inventory Write-off" for 90,000. Credit "Inventory" for 90,000. Debit "Insurance Receivable" for 90,000 when the claim is recognized. Credit "Insurance Income" for 90,000 once the claim is received. This reflects the loss of goods and the expected recovery from the insurance claim.
Paid 600 to Royal Company on account. what is the journal entry of this transaction?
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
What is the journal entry for inventory spoilage?
Debit inventory spoilageCredit inventory account
What is The journal entry to record the purchase of inventory included a debit to?
[Debit] Purchases [Credit] Cash / bank / accounts payable
What is the journal entry for destroyed goods if it is not mentioned that loss is by fire or theft?
[Debit] Goods lost [Credit] Inventory account
How do you record a journal entry in QuickBooks?
To record a journal entry in QuickBooks, go to the Company menu, select Make General Journal Entries, enter the date and journal entry number, choose the accounts to debit and credit, input the amounts, and save the entry.
You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?
Credit Food Inventory
