Entry #11— PGS’s first vendor inventory payment is due of $1,000.Entry #12— Paul starts giving guitar lessons and receives $2,000 in lesson income.Entry #13— PGS’s first bank loan payment is due.Entry #14— PGS has more cash sales of $25,000 with cost of goods of $10,000...
Lastly,the journal entry explanation.This needs to be a brief but accurate description of the journal entry. You may need to refer back to it in the future, so be as clear as possible. This is what the previous transaction would look like in a Journal: What are the Most Common Types o...
Follow the steps to enter journal identifiers for a basic journal entry. For each G/L distribution, complete the following fields: Account Number Taxable Amount Tax Amount (optional) EX (Tax Explanation Code) Tax Area To add the record, press Enter ...
Ledger accounts use the T-account format to display the balances in each account. Each journal entry is transferred from the general journal to the corresponding T-account. The debits are always transferred to the left side and the credits are always transferred to the right side of T-accounts...
So what do we do with the owner’s equity? Wedebitit. Journal Entry for Drawings So the journal entry for drawings is: Please note that the owner's equity account we use in the above entry is"drawings." Theoretically we could havedebitedthe"capital"account, which would show that it is...
Description of "Figure 6-2 Journal Entry screen's Detail Area" FieldExplanation Currency Code A code specifying the currency of the transaction. This can be any code defined on the Designate Currency Codes form. Note: This currency field only applies to AA and CA ledger types when posting ...
Returns Outward: DefinitionReturns Outward: ExplanationExample: Recording Transactions in the Returns Outward BookJournal EntryJournal Entry for Purchase Returns (Returns Outward) FAQs No, the journal entries are the same whether merchandise is returned for a credit note or for a refund of cash. In ...
The process of recording transactions in the journal is calledJournalizing. The transactions are recorded in the journal in the manner of their occurrence along with a suitable explanation, called ‘Narration‘ which supports the entry. The steps involved in the process of Journalizing are as under...
ParameterValueData typeExplanation localizedDisplayText 展开表 languageTagdisplayText en Hide sales tax fields in journal entry forms entity a reference to the constant entity holding the list of localized text is.dataFormat.integer VoucherAllocatedAtPosting First included ...
names a specifc identity attribute to use with an entity ParameterValueData typeExplanation attributeSubledgerVoucherGeneralJournalEntrySim_IT/(resolvedAttributes)/RecIdattribute is.readOnly is.dataFormat.integer is.dataFormat.big AccountingDate First included in: Transac...