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What would be the journal entry for supplies that have been used?
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∙ 9y ago
Debit supplies expense
Credit supplies inventory
Wiki User
∙ 9y ago
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What is paid in full as a journal entry for accounting?
"Paid in full" means that the debt has been met. It's settled.
Why journal is called book of original entry?
The word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyse and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry. Farhad Rana (SMUCT)
What is the journal entry for prepaid income?
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
What is journal entry to record the completion of a service for which payment has not been received?
[Debit] Accounts receivable [Credit] Service sales revenue
Why the trial balance may not balance?
Answer:The purpose of the trial balance is (historically) to verify if any errors were made with posting the journal entries to the ledger. Every journal entry makes debits and credits to (at least) two T-accounts, where the total of the debit and credit amounts need to be equal. The journal entry is posted to the journal, and the T-accounts affected are updated in the ledger. The trial balance is a list of all T-accounts and their balances. As the underlying journal entries need to balance out (total debits equal total credits), the balances of the trial balance also need to balance. If this is not the case, it means that an error has been made. It means that some journal entry has been entered into the ledger which did not balance.With computerized bookkeeping, this purpose (checking for errors) has been lost (at least for the user, the software may still use the trial balance to check for consistency).
What is paid in full as a journal entry for accounting?
"Paid in full" means that the debt has been met. It's settled.
Why journal is called book of original entry?
The word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyse and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry. Farhad Rana (SMUCT)
What is the journal entry for prepaid income?
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
What is journal entry to record the completion of a service for which payment has not been received?
[Debit] Accounts receivable [Credit] Service sales revenue
Journal entry to record an accrued vacation expense?
Though I have never heard the term "accrued vacation expense" nor have I ever heard of a "vacation" being a business expense, however, the journal entry would be handled like most "payables". So if your company uses the account of Accrued Vacation Expense, the journal entry should be something like....Vacation Expense (debit) $XXXAccrued Vacation Expense (credit) $XXXOnce the amount is paid, a debit would be recorded in the Accrued Vacation Expense account and a credit to Cash, to remove it from the books and note that the debt (or expense) has been met.
Why the trial balance may not balance?
Answer:The purpose of the trial balance is (historically) to verify if any errors were made with posting the journal entries to the ledger. Every journal entry makes debits and credits to (at least) two T-accounts, where the total of the debit and credit amounts need to be equal. The journal entry is posted to the journal, and the T-accounts affected are updated in the ledger. The trial balance is a list of all T-accounts and their balances. As the underlying journal entries need to balance out (total debits equal total credits), the balances of the trial balance also need to balance. If this is not the case, it means that an error has been made. It means that some journal entry has been entered into the ledger which did not balance.With computerized bookkeeping, this purpose (checking for errors) has been lost (at least for the user, the software may still use the trial balance to check for consistency).
When a product or service is delivered for which a customer advance has been previously received what is the appropriate journal entry?
[Debit] Unearned revenue [Credit] Sales revenue
What is the journal entry when cash collected from debtor is used to pay creditors but should have been deposited at bank?
debit accounts payablecredit accounts receivable
What journal entry is used to record purchase discounts?
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)
How do you enter a entry in to journal to correct errors when the sales day book has been overcast by 220?
debit sales account 220credit suspense account 220
What is the journal entry if the payment has not yet been received but clients were billed?
debit the client account (debtor account) and credit the income account (bill amount)
What is journal entry of preliminary expenses?
preliminary expenses account debit to cash account (if the amount has been paid in cash)
