Q: Record the entry for the following: Mr Bank purchased furniture in cash. A: The journal entry is as follows: Debit Furniture Credit Cash/bank … Basic Journal Entries Question: Capital + Fixed Asset Purchase Before you begin: For purposes of exams and testing it's important to make sure...
3. Sell receivables to another business (把 receivables 卖给别的公司) Dr: Cash Dr: Financing expense Cr: Accounts receivables/note receivables Inventory and cost of goods sold Journal Entry ➢Closing entries to record COGS – Periodic method Dr: COGS Dr: Inventory, ending Dr: Purchase allowance...
which is recorded as an account receivable of $500. When the customer makes the payment, another journal entry will be made to reflect the decrease in accounts receivable and the increase in cash or the payment method used.
Prepare the general journal entry to record this transaction. Landon Company billed a client $11,250 for services provided. Prepare the general journal entry to record this transaction. Landon Company paid a cash dividend of $14,800 to stockholders. ...
Process a journal entry In a general journal, you enter the relevant information for the transaction such as the posting date, amount, and the main and offset accounts to post to. That's the minimum information that you need to enter. A ledger account is debited or credited, and t...
Process a journal entry In a general journal, you enter the relevant information for the transaction such as the posting date, amount, and the main and offset accounts to post to. That's the minimum information that you need to enter. A ledger account is debited or credited, and the...
1. What is a Journal entry? A journal entry is used to record a business transaction in the accounting records of a business. A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiaryledgerthat is then summarized and rolled forward into the...
Journal Entry to Record Investment Suppose your company acquires 30 percent of the outstanding shares in ABC Inc. for $300,000. The initial journal entry under the equity method is to record the outflow of cash and to add the investment as a noncurrent asset on its balance sheet as follows...
Purchasing assets when they are used in production adds to the long term assets of the business if they will be kept for longer than a year. The business can purchase assets on credit or in cash. Purchasing assets increases the total asset amount of the busin...
For expense and asset journal entries, the asset or expense account is debited, and the accounts payable account is credited based on the invoice. When merchandise is purchased from a supplier on credit, the purchases account is debited to increase the balance by the amount of the purchase. ...