Journal entry for opening a bank account
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
Journal entry for opening a bank account
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
The journal entry is Account Payable - Royal Company (debit) 600 Cash (credit) 600
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
[Debit] Depreciation account [Credit] Asset account
Reversing the JE
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.
[Debit] Bank Account [credit] Cash Account
[Debit] Depreciation Account [Credit] Assets Account