Debit cost of sales
Credit cash / bank
no cash dr and sales cr
debit establishment costcredit cash / bank
A journal debit is an accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is recorded on the left side of a journal entry and reflects the outflow of resources or the recognition of costs. In double-entry accounting, every debit must have a corresponding credit entry to maintain the accounting equation.
Debit amortization of financing costCredit financing cost
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
no cash dr and sales cr
debit establishment costcredit cash / bank
Debit amortization of financing costCredit financing cost
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
[Debit] Cash /bank / accounts receivable [Credit] Sales revenue account
W
debit cash / bank 457000credit share capital 457000
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.