0
What is the journal entry when a company pays a utility bill using double entry accounting system?
Wiki User
∙ 10y ago
[Debit] Utility bill account xxxx
[Credit] Cash / bank account xxxx
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
What is the accounting double entry when a company pay withhold tax?
When paying withholding tax the double accounting method would be to first post the amount as an Accounts Receivable, under Withholding Tax. The next step would be to post the amount to Accounts Payable under Withholding Tax.
Should Double-entry accounting transactions be equal or unequal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
What is accounting system and what their types?
An accounting system is a program or a system that is used in management and processing of accounts. Some of the types of accounting systems include management accounting, cost accounting, manual systems, double entry and so many others.
What are the parts of a journal entry?
There are two parts of journal entries in double entry accounting system. 1 - Debit part 2 - Credit part
Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
About a 16 gauge double barreled shotgun made by eastern arms company?
Utility grade, functional, not much value.
Who introduces double entry accounting?
Double Entry Accounting is introduced by Lucas Paciolli
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
When a company decides to switch from the double-declining method to straight-line method this change should be handled as a?
Change in accounting estimate. The switch from double-declining balance method to straight-line method should be treated as a change in accounting estimate and accounted for prospectively. This change should not be applied retroactively.
12 ga double barrel shot gun bridge gun company?
Store brand, inexpensive, utility grade, 40-90 or so
What is the accounting double entry when a company pay withhold tax?
When paying withholding tax the double accounting method would be to first post the amount as an Accounts Receivable, under Withholding Tax. The next step would be to post the amount to Accounts Payable under Withholding Tax.
Should double entry accounting entries be equal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
Should Double-entry accounting transactions be equal or unequal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
What is a Worthington arms company double barrel hammerless 12 ga shotgun worth?
A complete and functional, but not like new, 12 gauge utility double is worth $150-$250, depending on exact condition and its appeal to the prospective buyer's eye.
The accounting environment does not change as a result of?
the double entry system
