What is the journal entry for revenue in accounting? What are general ledger accounts in accounting? What are special journals in accounting? What is an accrual book in accounting? What is the journal entry for sales tax payable in accounting?
How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. 50,000. Balance amount financed by HDFC Vehicle Loan @ 10%. 1st EMI of HDFC Vehicle Loan due on...
What is the journal entry of paid to Mohan (creditor) on account? What is the journal entry for receiving an amount of Rs. 1,000 from Paresh, which was previously written off as bad debts? What is a journal entry for Vijaya Traders to become insolvent? What is the journal entry for m...
2. Accounting for sales tax paid on purchases When you purchase goods and pay sales tax on those goods, you must create a journal entry. In this case, the sales tax is an expense, not a liability. Generally, your total expense for the purchase includes both the price of the item(s...
Journal entries are the last resort for entering transactions. You can reverse it if you need to update or correct its entries. Then, delete it if you've created the entry by mistake. However, to choose the appropriate action, whether to delete or reverse a journal entry, I would encourage...
10 Steps for Preparing a Journal Entry Identify the Transaction: Determine the transaction that needs to be recorded. Transactions can include sales, purchases, expenses, interest payments, or any financial activity that impacts the business.
Non-Current Portion Bonds Payable Journal Entry Example (Debit, Credit) What are Bonds Payable? Bonds Payable are a form of debt financing issued by corporations, governments, and other entities in order to raise capital. As part of the financing arrangement, the issuer of the bonds is ...
Determine whether the company has paid dividends during the fiscal year, and if so, book a journal entry to close the dividend account to retained earnings. Because the account has a normal debit balance, credit the account for the year-end balance and debit, or reduce retained earnings. Make...
How to Adjust a Journal Entry for Accrued Expenses. When a company maintains its books using the accrual basis, an expense that was incurred during the period is recorded in that period, even if it has not been paid by the end of the period or the vendor
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