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Subjects>Business>Accounting

Why do you pass an journal entry?

Updated: 9/16/2023

Wiki User

∙ 10y ago

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For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.

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∙ 10y ago

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Continue Learning about Accounting

When to pass journal entry for salary?

debit salary expensecredit cash

Pass the journal entry for loss by theft?

loss by theft A/c to purchases

How do you pass journal entry for cash in hand?

Debit cash in handCredit bank

How will you pass journal entry for unexpired interest?

debit unexpired interestcredit interest paid

How do you pass journal entry for discount allowed?

Debit cash / bankCredit discount allowed

Related questions

When to pass journal entry for salary?

debit salary expensecredit cash

Pass the journal entry for loss by theft?

loss by theft A/c to purchases

How do you pass journal entry for cash in hand?

Debit cash in handCredit bank

How do you rent payment pass the journal entry?

debit rent expensecredit cash / bank

How do you pass journal entry for cash sales?

Cash a/c Dr. To Sales a/c

How will you pass journal entry for unexpired interest?

debit unexpired interestcredit interest paid

How do you pass journal entry for discount allowed?

Debit cash / bankCredit discount allowed

What is a compound journal entry?

Compound journal entry is that entry which records more than one business transaction in one single journal entry.

How do you pass journal entry if company take the loan from bank?

debit cash / bankcredit loan from bank

How do you pass journal entry for loan received to introduce capital?

Debit cash / bankCredit share capital

How do you pass journal entry for returning purchased goods?

debit accounts payable/ cashcredit purchase returns

How do you pass journal entry for cash deposited in bank in tally?

debit bankcredit cash

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