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What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
Is issuance of stock debited or credited in a general journal?
In a general journal, the issuance of stock is credited to the appropriate equity account, typically "Common Stock" or "Preferred Stock," reflecting an increase in equity. Simultaneously, the cash account or other asset account receiving the funds is debited, indicating an increase in assets. This dual entry maintains the accounting equation, where assets equal liabilities plus equity.
What is the journal entry for furniture purchased?
[Debit] Furniture [Credit] Cash / bank
When the sales journal's column for accounts receivable and sales is totaled at the end of the month its total is debited where?
At the end of the month, the total of the accounts receivable column from the sales journal is debited to the Accounts Receivable account in the general ledger. Simultaneously, the total of the sales column is credited to the Sales Revenue account. This process ensures that the accounting records reflect the sales made on credit and the corresponding increase in receivables.
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
A sole proprietor has incurred as expense out of his personal accont - what will be the journal entry?
The expense account will be debited and capital will be credited by the same ammount
What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
What is the journal entry for furniture purchased?
[Debit] Furniture [Credit] Cash / bank
When the sales journal's column for accounts receivable and sales is totaled at the end of the month its total is debited where?
At the end of the month, the total of the accounts receivable column from the sales journal is debited to the Accounts Receivable account in the general ledger. Simultaneously, the total of the sales column is credited to the Sales Revenue account. This process ensures that the accounting records reflect the sales made on credit and the corresponding increase in receivables.
How do you reverse a journal entry?
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
Journal entry for salary advance paid?
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
What is the journal entry to write off an old server?
dr loss on asset retirement dr accumulated depreciation cr asset-server if sold cash would be debited and loss would be debited or gain credited
What does a general journal look like in accounting 1?
A general journal in accounting is a detailed record where all financial transactions are initially recorded in chronological order. Each entry typically includes the date, accounts affected, amounts debited and credited, and a brief description of the transaction. The format usually has columns for the date, account titles, debit amounts, credit amounts, and an optional reference or description column. This journal serves as the foundation for posting entries to the general ledger.
A newspaper ad submitted and published this week with the agreement to pay for it next week How would that be reflected in an accounting journal entry?
In the accounting journal, this transaction would be recorded as a liability in the current week when the newspaper ad was submitted and published. It would be debited to Advertising Expense and credited to Accounts Payable. The payment would then be recorded in the following week by debiting Accounts Payable and crediting Cash.
How do you post a journal entry for sale of a vehicle with depriciation?
The amount received for sale of the vehicle with depreciation is compared to the vehicle's net value and debited as a loss or credited as a gain.
What would the journal entry be if expenses are paid out of personal cash?
I think that you mean a debit which goes on the left side of the journal or in your record book
