3. Interest income(revenue) Dr: Cash Cr: Interest income/revenue 4. EFT payments – 通常是一些 operating expense Dr: Expense (取决于具体 expense) Cr: Cash 5. Service charges: Dr: Service charge expense/bank charge expense Cr: Cash 6.NSF cheques: Dr:Accounts receivable Cr: cash 7. Book...
There are two main components of the Journal Entry module:· The Chart of Accounts· Accounting detail posting rules –Features of which include: distribution/ assignment at multiple levels for account category, division of interest, and owner), detail type designation (for example: AR, AP, RD)...
Hence, we record an increase in income and an increase in a receivable account.12 Accounts Receivable 4,250.00 Service Revenue 4,250.00Transaction #8: On December 14, Mr. Gray invested an additional $3,200.00 into the business. The entry would be similar to what we did in transaction #1...
For example, prior to issuing the company’s financial statements there will be an adjusting entry to record depreciation. This journal entry will debit Depreciation Expense and will credit Accumulated Depreciation. Another example of a general journal entry is the adjusting entry to accrue interest ...
Journal Entry Debits Credits Retained Earnings –SBC Expense1 $1.5 million APIC –Stock Options2 $1.5 million 1Calculated as 300,000 shares * $5 per share. This is an expense recognized on the income statement. It reduces retained earnings.2To balance the balance sheet, APIC for stock optio...
Interest Expense 1,000 Cash 150,000Balance sheet would show Company B has a receivable from Company A for $49,000. Company A records this as:Cash 150,000 InterCompany 149,000 Interest Income 1,000Balance sheet would show Company A has a payable for Company B for $49,000. Want to join...
Journal EntryDebitCredit Accounts Receivable Account $100,000 Allowance for Doubtful Accounts $10,000 Accounts receivable (A/R) has a debit balance, but the allowance for doubtful accounts carries a creditbalance. We can see how the $10,000 allowance for doubtful accounts offsets the $100,000...
Example: Interest IncomeYou purchased 10,000 of $1,000 par value bonds of Grace’s Secret. The bonds pay 6% interest semi-annual. You will recognize the periodic coupon payment using the following journal entry:Cash (10,000 × $1,000 × 6%/2) $300,000 Interest income $300,000...
What are the four parts of a journal entry? What is a journal entry for Vijaya Traders to become insolvent? Which side of the bank reconciliation requires journal entries? What is the difference between a debtor and a creditor? What is the main difference between debtors' and creditors' contr...
the accrued interest expense must be recorded on the December income statement, and the liability for the interest payable must be reported on the December balance sheet. The adjusting entry will debit interest expense and credit interest payable for the amount of interest from Dec. 1 to Dec. ...