You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
debit reserve accountcredit cash / bank
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.
It is termed as Journal entry.
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
A journal records what you're findings are
You record he credit entry for transaction (a) 5/1 in the journal as
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
debit reserve accountcredit cash / bank
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.
It is termed as Journal entry.
The General Journal
If a company gives a director a loam of 15000 you will record it on the debit section of the general journal entry.
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ