A cheque deposit results in an inflow of funds. We will understand JE in the Q&A form. What does Cheque deposit mean? It's a receipt from the debtors. Where is the Cheque deposited? Deposit happens in Banks How to record the Journal Entry? Identify the … [Read more...] about Cheque deposit JE
Electricity Journal Entry
Record Paid Electricity Journal Entry by What's the purpose of Electricity JE? To Record the power usage charges. It can be a direct or indirect expense. How about an example here? Consider an Entity. It's into goods manufacture. Assume it is an 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 receivables. Therefore, the 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 center 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
Purchase Furniture Journal entry is to record asset purchases.Depending on the circumstances, furniture purchases can be either inventory or fixed assets for the buyer.If the Entity is in the business of buying and resale Furniture, then the appropriate classification will be … [Read more...] about Purchase furniture journal entry