Posts help communicate a message from one place to another and facilitate the delivery of goods. The charges for such service are levied in the form of Stamps. So, the Sender of Post needs to purchase Stamps depending on the Pin code and weight of the Postal Cover. The usage of … [Read more...] about Bought Postage Stamps Journal Entry
Accounting
Withdrew Cash Journal entry
Cash withdrawal is a contra entry. Here, this JE involves Cash & Bank GL. Cash can be withdrawn for Personal drawings is not for business. How about an example? Owner pays his rent with office cash. It doesn't facilitate business in any way. Lets see … [Read more...] about Withdrew Cash Journal entry
Old Newspaper Sold Journal Entry
Sale of Old Newspaper yields income. Its a non operating activity. So, it falls under other income. Why's is it part of other income? That's because those cash inflows do not primarily contribute to sustaining the business. In General, business entities subscribe … [Read more...] about Old Newspaper Sold Journal Entry
Goods Given as Charity Journal Entry
Goods given as charity Journal entry is recorded by reducing the value of the goods and increasing the charity expenses. Entities exist with a primary objective of earning profits. However, entities might give donations or charity, either cash or kind. Donations in the form of … [Read more...] about Goods Given as Charity Journal Entry
Paid freight journal entry
Freight is an expenditure relating to the transportation of goods by any medium like train, ship, road, or aircraft. Said differently, it’s nothing but carriage inwards or carriage outwards. Carriage inward and carriage outward relates to purchase and sale of goods, respectively. … [Read more...] about Paid freight journal entry