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The payment for the monthly rent will require an entry that debits the Rent Expense account to reflect the expense incurred for the period. Simultaneously, it will credit the Cash or Bank account to indicate the outflow of cash. This ensures that the financial records accurately represent the company's expenses and cash position.
What else can I help you with?
What does an amortization table show me?
An amortization table is a report of all pertinent information regarding a loan including the terms of the loan and a list of each calculated loan payment. Each loan payment entry could show:the amount of principal due as of this paymentamount of the paymentportion of payment used as interest (the amount of interest in this payment)portion of payment that reduces the principal for the next payment entry
What would the journal entry be for payment received for goods previously sold on credit?
debit cash / bankcredit accounts receivable
What is Cr Crd Pmt mean on bank statement?
"Cr Crd Pmt" on a bank statement typically stands for "Credit Card Payment." It indicates a transaction where a payment has been made toward a credit card balance. This entry reflects a reduction in the outstanding balance of the credit card account and may appear when you make a payment from your bank account to your credit card issuer.
In the epay function how can you split payments?
In the epay function, you can split payments by specifying multiple recipient accounts and their respective amounts in the payment parameters. This is typically done by creating an array of payment details, where each entry includes the recipient's identifier and the amount they should receive. Ensure that the total amount of all splits does not exceed the original payment amount. Additionally, check the specific documentation for the epay function you are using, as the implementation may vary.
What is the monthly income of banker?
The monthly income of a banker can vary widely based on factors such as their position, experience, and location. Entry-level positions may earn around $3,000 to $5,000 per month, while experienced bankers or those in managerial roles can earn $10,000 or more monthly. In investment banking, compensation can be significantly higher, often exceeding $20,000 per month, especially when bonuses are included. Overall, the banking industry offers a broad range of salaries depending on the specific role and market conditions.
What entry is made when a payment is made to a creditor?
When a payment is made to a creditor, the following journal entry is recorded in the books of accounts
The journal entry to record the payment of a monthly utility bill would include?
A debit to capital and and a credit tocash
What is journal entry for expense payment?
what is the entry for an excess payment from customer
Does a stock split require a journal entry?
Stock split require no journal entry rather memorandum entry is required about transaction.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
What is double entry bookkeeping for a hospital?
Double entry is a transaction in which the payment is established in two accounts instead of 1 as to single entry.
What is the entry for bill disconting dishonour?
The entry for a bill discounting to be dishonored is made when the drawee refuses to accept or make payment on the bill. It is dishonored by non-acceptance or non-payment.
What is the Journal entry for purchase of asset by advance payment?
Debit advance payment for assetCredit cash / bank
What is the journal entry for down payment of cash?
[Debit] Down payment xxxx [Credit] cash xxxx
Where you can entered drawing entry in Tally 9.0?
payment voucher
How can you pass entry for cash payment?
cash dr. to party.
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
