0
Add your answer:
Earn +20 pts
What is the journal entry to give a car for rent?
No entry for giving car on rent rather entry is recorded when rent is received from customer.
What is the journal entry for booking a car purchase?
Credit Bank or Accounts Payable, Debit Fixed Assets.
Journal entry for new car purchase?
[Debit] Car Asset [Credit] Cash / bank
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
What is the journal entry for car donated to business?
[Debit] Donated Car [Credit] Owner equity or retained earnings
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
What is the journal entry for trading a vehicle for another vehicle?
Debit new assetdebit loss (if any)debit accumulated depreciationCredit cash / bankcredit profit (if any)credit old car trade-in
What is journal entry using personal car in business use?
debit carcredit owner's capital
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
