What are the journal entries for an inter-company loan? Asked on June 22, 2022 My boss has two companies: Company A and Company B. Company B takes a loan from company A in the amount of 100,000. After some time, company B returns 150,000. ...
While on the way back from a delivery, one of the warehouse staff picked up the Staples order and brought it to GBI's office. GBI has an account with Staples and payment terms are net 10. Operating supplies expense is figured at the end of the month determined by the amount of ...
What are the journal entries used when a company pays wages to its employees? What is the difference between a journal entry and an adjusting journal entry? Define what is a journal entry and describe how it is written for finance.
What are the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting? What does NSF stand for in accounting? What are monthly payables in accounting? What does a note payable do in accounting?
Find out more about adjusting journal entries and how they impact your financial statements. See an example of how adjusting entries are made and more.
In manual accounting or bookkeeping systems, business transactions are first recorded in a journal…hence the term journal entry. Journal entries that are recorded in a company’s general journal will consist of the following: the appropriate date the account(s) and amount(s) that will be debit...
Adjusting entriesare used to correct the financial numbers or ledger accounts used in the basic journal entry. These entries may also be used to correct journal entries recorded in the wrong journal by accountants, or any information that needs to be corrected at a date after the basic journal...
If the amount of cash on hand is more than a company needs to meet its obligations, it might consider other options for the surplus. The business might invest the money in another company, or it might lend the money to another entity. Lending the money g
What’s the journal entry? The credit side is the revenue, but what’s the debit side? Well, a contract asset. Not a trade receivable. The reason is that at the end of the year, after only 6 months of work, you do NOT have the unconditional right to a payment. ...
Journal entries record all transactions for a business. Transactions are broadly defined as any financial activity that impacts the business. They are not limited to the buying and selling of goods and services, but include any exchange of monetary value, such as interest payments, depreciation, ex...