Supplies Expense 730. What is a Journal Entry.
Book Keeping And Basic Accounting Accounting Accounting Notes Journal Entries
Journal entries record the financial transactions of a business.
. Journal entries are the first step in the accounting cycle and are used to record all business transactions and events in the accounting system. A journal entry records a business transaction in the accounting system for an organization. They make it possible to to track what a business has used its resources for and where those resources came from.
Purchased equipment paid cash of 5000 with the remainder to be paid in payments. Paid cash in advance for services to be performed. Select the best explanation for the entry.
The classification and normal balance of the supplies expense account is an. One of them is debited the other one credited. Select the best explanation for the entry is it A adjust supplies inventory to actual B adjust supplies expense C record sale of supplies.
As business events occur throughout the accounting period journal entries are recorded in the general journal to show how the event changed in the accounting equation. And credit the account you pay for the asset from. Returned supplies previously purchased.
March 10 Accounts Payable 3300 Cash 3300 Paid creditors on account. Purchased supplies on account. Record the payment of wages Record wages to be paid this month Record.
Select the best explanation for the entry. Before the adjusting journal entries are journalized. Purchased equipment paid cash of 2000 with the remainder to be paid in payments.
Journal entries form the building blocks of the double-entry accounting method that has been used for centuries to keep financial records. March 6 Cash 2500 Unearned Fees 2500 What is the best explanation for this journal entry. What effect does this journal entry have on the accounts.
What is the best explanation for this journal entry. Select the best explanation for the entry. Theyre the first step in the accounting cycle.
Uneamed Revenue Fees Earned 7. Data for an adjusting entry described as accrued wages 2020 would result in. Purchased equipment paid cash of 2000 with the remainder to be received in the future.
Dear StudentsJournal Entries are the first step of accounting. Paid cash in advance for services to be performed. Prepare the adjusting entry to recognize depreciation for the month of January.
Purchased equipment paid cash for the entire amount. Received cash for services to be performed in the future. Journal entry 1 Answers Please let me know if I am on the right track I think my dollar amount could be wrong.
This is used in ledger management to balance and make cash entry and journals a great positive result in. In order to following adjusting journal entry was found on page 4 of the journal. When you first purchase new equipment you need to debit the specific equipment ie asset account.
After adjusting journal entries are posted. Which of the following groups of accounts have a normal debit balance. After adjusting journal entries are posted.
Other names used for general. Select the best explanation for the entry. Lets say you buy 10000 worth of computers and pay in cash.
BPrepare the journal entry to record the Austin Companys payroll on Friday February 4. Simply put debit is money flowing into a company whereas credit is money flowing out. The logic behind a journal entry is to record every business transaction in at least two places known as double entry accounting.
The following adjusting journal entry does not include an explanation. O Record payment of fees earned. Journal entries are either recorded in subsidiary ledgers if youre.
Debit your Computers account 10000 and credit your Cash account 10000. Received cash for services performed. This form of biddings can easily be found in a double entry or a cash journal for credit received or cash for services been done or also services performed in the nearest future.
Purchased equipment on credit. Received cash for services to be performed in the future. CAnnual depreciation expense on the companys fixed assets is 39600.
Or if you buy goods on account this increases both the accounts payable account and the inventory account. Apr 8 2008. Which is the best explanation for this journal entry.
Which is the best explanation for this journal entry. Performed services for which cash is owed. Journal entries are used to record the financial activity of your business.
Wages Expense 2555 Wages Payable 2555. In this case the related asset or expense account is debited and the journal entry for the payable account Journal Entry For The Payable Account Accounts Payable Journal Entries refers to the amount payable accounting entries to the creditors of the company for the purchase of goods or services and are reported under the head current liabilities on the balance sheet and this. Purchased supplies with cash.
O Record fees that have not been earned at the end of the month. Each transaction in a journal entry affects two accounts. The general journal is maintained essentially on the concept of double entry system of accounting where each transaction affects at least two accounts.
Performed services for which cash is owed. BPrepare the journal entry to record the Austin Companys payroll on Friday February 4. Prepare the adjusting entry to recognize depreciation for the month of January.
Make a journal entry received cash for 1600 frome customer for rent from dec 2009 through mar 2010 I have. What is the best explanation for this journal entry. My question was On September 1 the painting service borrows 50000 from the bank on a 4-month 6 note.
I need to make a journal entry for December 31 before financial statements are prepared. Received cash for services to be performed in the future. For example when you generate a sale for cash this increases both the revenue account and the cash account.
In this step all the accounting transactions are recorded in general journal in a chronological order. My answer is. Select the best explanation for the entry.
7500 7500 Record fees earned at the end of the month. CAnnual depreciation expense on the companys fixed assets is 39600. A Journal entry is the first step of the accounting or book-keeping process.
The following adjusting journal entry was found on page 4 of the journal.
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