0
Debit term deposit
Credit cash / bank
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What you the journal entry for borrowing money to issue bonds?
Debit cash / bankCredit long term bonds
Substantive procedures to audit prepaid deposits?
See the reason for deposit. Then how Deposit was created and check relevant agreement/support that the deposit is long-term or short term... Be Alert for Related Party Transaction.
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.
Journal entry for credit sales?
Buyer a/c dr. To Sales a/c. The GAAP shows such an entry as: Account Receivable (debit) $$$ Sales (Revenue) (credit) $$$ This is based on Double-Entry Accounting as standardized by the GAAP. For example, say you sold a computer to a customer on credit for $1500, the journal entry would read AR (debit) $1500 Revenue (credit) $1500 Some companies use the term Sales, Revenue, and even Income. Which generally refer to the same thing.
What is another term for the book of original entry?
prime entry** good luck
What is journal entry for a business who issues short-term loan?
Debit short term loanCredit bank
What is the journal entry for a 9000 long term loan that will be repayed at 10000 at a later time Also what is the journal entry for repaying this loan in full?
Debit cash / bank 9000Credit long term loan 9000Debit long term loan 9000debit loss on repayment 1000Credit cash /bank 10000
What you the journal entry for borrowing money to issue bonds?
Debit cash / bankCredit long term bonds
What is journal entry for Accrued Revenue?
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
Substantive procedures to audit prepaid deposits?
See the reason for deposit. Then how Deposit was created and check relevant agreement/support that the deposit is long-term or short term... Be Alert for Related Party Transaction.
What is the journal entry if someone borrowed cash from you with an interest of 6 percent per month?
Debit short term loanCredit cash / bank
Journal entry for investment?
Today, I made a new investment in a diversified mutual fund to further enhance my investment portfolio. This decision aligns with my long-term financial goals and risk tolerance. I will continue to monitor the performance of this investment regularly to ensure it remains in line with my objectives.
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 is the difference between a time deposit and a certificate of deposit?
A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand; a bond in the United Kingdom) is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. A certificate of deposit is a time-deposit product. A Certificate of Deposit (CD) can be traded, while a time deposit cant be traded because it is linked to a bank account.
What is the definition of a term deposit rate?
The definition of term deposit rate is a deposit held in a financial institute at a fixed rate. Such as a cd that banks offer or bonds.
How do banks calculate term deposit rates?
Term deposit rates is the amount of money paid in interest at specific date for a specific amount of money placed in the Term Deposit. Banks calculate term deposit rates for example at 35% interest of a deposit of å£10,000 gives an added value å£35 at the end of the year.
Journal entry for credit sales?
Buyer a/c dr. To Sales a/c. The GAAP shows such an entry as: Account Receivable (debit) $$$ Sales (Revenue) (credit) $$$ This is based on Double-Entry Accounting as standardized by the GAAP. For example, say you sold a computer to a customer on credit for $1500, the journal entry would read AR (debit) $1500 Revenue (credit) $1500 Some companies use the term Sales, Revenue, and even Income. Which generally refer to the same thing.
