Record Paid Electricity Journal Entry by What's the purpose of Electricity JE? To Records the power usage charges. It can be direct or indirect expense. How about an example here? Consider an Entity. Its into goods manufacture. Assume it is a automatic … [Read more...] about Electricity Journal Entry
Bad Debts Journal Entry
Bad debts are losses to the business. What's the reason for losses? Because debtors did not pay their dues. So, these are unrecovered receivable. Therefore, entity needs to post a JE by Such loss due to debtors is a bad debt. Can there be recovery of bad … [Read more...] about Bad Debts Journal Entry
Paid Telephone Charges Journal Entry
Telephone Charges are indirect expenses of a business. These are not just an entity's office/fax/toll-free/call centre expenses. But will also include the voice/data plan reimbursements to its employees. Nowadays, entities provide a smartphone to their employees to ensure they … [Read more...] about Paid Telephone Charges Journal Entry
Purchase furniture journal entry
Furniture Purchases can be either Inventory or Fixed Assets to the buyer, depending on the circumstances. If the Entity is in the business of buying and resale Furniture, then the appropriate classification will be Inventory. On the contrary, if the Furniture Purchases is for the … [Read more...] about Purchase furniture journal entry
What is an interim audit
The most frequent question that arises is What is an Interim Audit. Lets understand this concept in detail. What is an Interim Audit Interim means a period that is not a full 12 months. For example, any period like 3 months, 4 months, or 7 months will be the Interim … [Read more...] about What is an interim audit