[Debit] machinery account
[Credit] Cash / bank
Normally expenses incurred at the time of purchase of assets till it's working location is included in actual asset's account
[Debit] Machinery Asset [Credit] Cash Account
debit installation chargescredit bank
[Debit] Bank service charges [Credit] Bank account
[Debit] Bank service charges xxxx [Credit] cash / bank xxxx
Debit electricity chargesCredit cash /bank / accounts payable
[Debit] Machinery Asset [Credit] Cash Account
debit installation chargescredit bank
Today, we successfully installed new machinery in the production facility. The team worked efficiently to assemble and test the equipment according to the manufacturer's instructions. The new machinery is expected to enhance productivity and efficiency in our manufacturing process. Training sessions will be scheduled to ensure all operators are proficient in using the new equipment effectively.
[Debit] Bank service charges [Credit] Bank account
[Debit] Bank service charges xxxx [Credit] cash / bank xxxx
Debit settlement chargesCredit cash /bank
Debit electricity chargesCredit cash /bank / accounts payable
bank charges a/c debit to cash a/c credit
If purchased in cash.. machinery A/C......................Dr To cash A/C If purchased on credit.. Machinery A/C.......................Dr To Suppliers A/C
find out the accounts involed in eash of the following cases Q:- machinery purchased for cash. Q:- furniture is purchased on cresit
makes no journal entry for the transportation
Compound journal entry is that entry which records more than one business transaction in one single journal entry.