2 · Transaction #4: On December 7, the company acquired service equipment for $16,000. The company paid a 50% down payment and the balance will be paid after 60 days. This will result in a compound journal entry. There is an increase in an asset account (debit Service Equipment, $16,000), a decrease in another asset (credit Cash, $8,000, the amount paid), and .
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Office furniture is ordered. The furniture worth $7,850 will be delivered in one week. The payment will be due forty-five days after delivery. An advertisement was run in the newspaper at a total cost of $250. Cash was paid when the order was .
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2019-6-5 · Journal entry paid cash for stationery 2 See answers Advertisement Advertisement Brainly User Brainly User Answer: here is ur answer plscheck. Explanation: When you debit office supplies as an expense to an account such as Office Supplies, you would credit a Cash account if you paid for the supplies with cash. But if you use a credit card or ...
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The office supplies account is an asset account, in which its normal balance is on the debit side. Likewise, the credit of office supplies in this journal entry represents the office supplies used during the period. So, in this journal entry, total assets on the balance sheet decrease while the total expenses on the income statement increase.
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2 · Journal Entry For Depreciation. Depreciation Journal Entry is the journal entry passed to record the reduction in the value of the fixed assets due to normal wear and tear, normal usage or technological changes, etc. where depreciation account will be debited and the respective fixed asset account will be credited.
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2018-2-9 · [Q1] The entity purchased new equipment and paid $150,000 in cash. Prepare a journal entry to record this transaction. [Journal Entry] DebitCredit Equipment 150,000 &n.
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2 · Transaction #4: On December 7, the company acquired service equipment for $16,000. The company paid a 50% down payment and the balance will be paid after 60 days. This will result in a compound journal entry. There is an increase in an asset account (debit Service Equipment, $16,000), a decrease in another asset (credit Cash, $8,000, the amount paid), and .
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2018-5-4 · Paid for repair of an old furniture RS 1500 make journal entry - Accountancy - Recording of Transactions - I
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2019-6-4 · How to deduct business home office furniture. Yes, after taking the Safe Harbor Election, you need to enter the cost of those assets under Business Expenses (see instructions below). Choose a category that seems appropriate, or continue to the page for miscellaneous expenses to enter your own description (see screenshot below - click to enlarge).
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Purchase Journal Entry Asset Purchased in Cash. Question 3: What would be the purchased furniture journal entry amounting to Rs. 10,000 in Cash ? Explanation: Upon furniture purchase, the value of an asset is increased and according to .
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2020-9-28 · 2 Jan: Salary paid in advance Rs 6,000. 10 Jan: Printing expenses paid in advance Rs 12,000 by cheque. 15 Jan: Prepaid wages Rs 17,000. 18 Jan: Rent paid Rs 25,000; out of rent paid Rs 5,000 is in advance. 20 Jan: Insurance paid Rs 12,000 by cheque in which Rs 2,000 is advance. Required: Journal entries . Journal Entry for American Style
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Paid to Intel Computers by cheque 17,000 : 6 th May : Withdrew from bank 5,000 : 7 th May : Withdrew from bank for office use 8,000 : 7 th May : Cash received from Bhuvan on loan account 10,000 : 8 th May : Withdrew from bank for personal use 1,000 : 8 th May : Cash taken by proprietor for personal use 3,000 : 9 th May : Bought furniture and ...
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2018-8-26 · Furniture and fittings - Real A/c, furniture is coming inside to company as an asset, therefore its should be debited. Bank A/c - personal A/c, here banks pays money to supplier, where bank is giver therefore its credited.-----Journal entry. Furniture and fittings A/c Dr 4000. To Bank A/c 4000 (being furniture and fittings purchased )
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(v) Rs. 6,000 paid for office furniture was debited to office expenses account. (vi) A credit sale of goods of Rs. 15,000 to Ramesh has been wrongly passed through the purchases Book. Solution 6: Question 7: Give Journal Entries to rectify the following errors:-Goods purchased from Ajay for Rs. 2,600 were recorded in Sales Book by mistake.
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2021-7-11 · Cash Purchase Journal Entry. Cash Purchase Journal Entry, is the accounting entry made in the books of accounts, to record purchase of goods by paying for it at the time when the goods are acquired . Further, the Purchase .
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The office supplies account is an asset account, in which its normal balance is on the debit side. Likewise, the credit of office supplies in this journal entry represents the office supplies used during the period. So, in this journal entry, total assets on the balance sheet decrease while the total expenses on the income statement increase.
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2015-7-23 · Before passing entries you need to cross check the purchase entry with invoice in following areas:-. 1)Quantity 2) Rate per Kg 3) Excise Duty (Direct or Input as such) 4) VAT/CST. 2) Date of purchase invoice. In our next topic, i am going to explain how to pass journal entry for Purchase return in different scenarios.
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Question: Journal Entry for 2/ 1 Paid $4,000 for office rent for the month. 2/ 3 Purchased on account supplies for $1,300. 2/ 4 Paid the $1,200 for January utilities. 2/ 7 Collected $4,500 from Mrs. Smith. 2/11 Completed a job for Mr. Ellis for $5,100 and collected the $5,100 from him. 2/28 completed a job for mr. putter and presented him with.
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2 · Journal entries refer to the systematic recording of business events and transactions that took place on a given date by applying fundamental rules of book-keeping. At the bottom of Journal Entry, we post a brief narration describing the transaction. For example, suppose on Oct 15, 2019, A Ltd bought furniture worth US $ 1,000/- for business ...
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2021-8-26 · A journal entry for inventory is a record in your accounting ledger that helps you track your inventory transactions. Depending on the type of inventory and how much your business carries, there are different kinds of journal entries that may help you organize your financial expenses and earnings.
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