cash a/c to sales a/c
Invested $1500 to start the business plus supply value $500. what is the accounting journal entry for this problem?
(debit) A account 500 (Credit) C account 500
debit cash 500credit equity shares 500
Accrued income To Income (Being Brokerage due but not received)
[Debit] Cash 1500 [Debit] Tools 500 [Credit] Capital 2000
Invested $1500 to start the business plus supply value $500. what is the accounting journal entry for this problem?
(debit) A account 500 (Credit) C account 500
debit cash 500credit equity shares 500
Accrued income To Income (Being Brokerage due but not received)
By entering the transaction in a reverse way. Ex: If A account is debited with USD500 and B account is credited with USD 500, to reverse or eliminate the effect of this entry, you Debit B account with USD 500 and credit A account with USD 500.
[Debit] Cash 1500 [Debit] Tools 500 [Credit] Capital 2000
debit cash / bank 4500credit asset 4000credit profit 500
The journal entry for waste typically involves debiting a "Waste Expense" or "Loss on Waste" account to recognize the cost associated with the waste produced. At the same time, an equivalent credit is made to the inventory or production account to reflect the reduction in usable materials. For example, if $500 worth of materials were wasted, the entry would be: debit Waste Expense $500 and credit Inventory $500. This helps maintain accurate financial records by accounting for losses in production.
debit rent expense 1500credit cash 500credit bank 1000
490
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500