[Debit] Accounts Receivable xxxx
[Credit] Sales xxxx
[Debit] Net income account [Credit] General Reserves
490
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
debit reserve accountcredit cash / bank
Cash deposit to bank has contra entry as follows: [Debit] Bank account [Credit] Cash account
Debit Bank account Credit Cash account
[Debit] Net income account [Credit] General Reserves
DDA=Demand Deposit Account....(ex, checking account, savings account, etc) GL=General Ledger.... Credit=Positive Entry, Entry going -in-, opposite of debit....
490
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
debit reserve accountcredit cash / bank
debit merchandise 1900credit philips 1900
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
Debit accounts receivableCredit sales revenue
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)