Need Help with the Sale of an Asset and the Correct Journal Entry is there a way to insert a line while you recording Memorize Journal entry in Quickbook Desktop? Featured Top 5 Questions- Reports & Accounting Welcome to our Top 5 Questions serie...
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...
I know that I need to recapture the section 179 and pay gains on the difference. I have 2 questions: 1. Can I take 1/2 year depreciation in 2018 for the equipment? 2. What does the GJ entry look like to recapture the section 179, post the sale and rec...
You can find the impairment loss before the operating profit in the income statement. Although we don’t record this on the balance sheet, due to the expense on the income statement, the value of the impaired asset decreases in the balance sheet. Example: Microsoft Microsoft conducted an annua...
Although the tins were used as each batch was completed, we’ll just make one journal entry at the end of the period.DateAccount/ExplanationDebitCredit Jan 31 Work-in-process – Baking/Packaging 600 Raw materials – direct 600 Record raw materials used in packaging ...
Although the tins were used as each batch was completed, we’ll just make one journal entry at the end of the period.DateAccount/ExplanationDebitCredit Jan 31 Work-in-process – Baking/Packaging 600 Raw materials – direct 600 Record raw materials used in packaging ...
When a sale of goods or services is made to a customer, you use your accounting software to create an invoice that automatically creates ajournal entryto credit the sales account and debit the accounts receivable account. Journal entry to record the sales invoice- ...
The journal entry for accounts receivable is made to track the flow of money owed to a company by its customers. When a sale is made on credit, the journal entry debits accounts receivable and credits sales revenue. Is accounts receivable a good thing? Generally speaking, yes. Accounts receiv...
The disposal (sale) operation was performed for the fixed asset. Fewer than five years passed between the date when the fixed asset was put into operation and the disposal date. The fixed asset was sold to the affiliated customer. FA depreciation This tax register determines the amount of depr...
A journal entry will be listed as a credit if it is recording an amount to be received by the company—simply, money coming in. It is always recorded in the right-hand column of the ledger. A debit is defined as what is due or owed—money going out. Journal entries that record a ...