0
Add your answer:
Earn +20 pts
Why use journal entry?
Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
What is the journal entry for credit sales?
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
What is the balance sheet equation?
balance sheet is a record of debit and credit entry of account in order to obtain the net profit of the business.
Journal entry for adjusting closing stock with purchases?
what is entry of closing stock in p & L a/c & balance sheet
Do adjusting journal entry affect the income statement or balance sheet?
Adjusting entries affect at least one income statementand one balance sheet
What is the journal entry of transferring unsecured loan to balance sheet?
Debit cash / bankCredit unsecured loan
Why use journal entry?
Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
What is the journal entry for profit transfer from profit and loss account to balance sheet?
Debit profit and loss accountCredit owners capital
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
What is the journal entry for credit sales?
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
What is the balance sheet equation?
balance sheet is a record of debit and credit entry of account in order to obtain the net profit of the business.
Does An adjusting entry always involves two balance sheet accounts?
NO
