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 in-kind. Donations in the form of … [Read more...] about Goods Given as Charity Journal Entry
Accounting
Paid freight journal entry
Freight is an expenditure relating to the transportation of goods by any medium, such as train, ship, road, or aircraft. Said differently, it’s nothing but carriage inwards or carriage outwards. Carriage inward and carriage outward relate to the purchase and sale of goods, … [Read more...] about Paid freight journal entry
Is accounts receivable a liability or asset?
Accounts Receivable are the amounts due to the entity from its customers. The straightforward answer to the question, 'Is accounts receivable a Liability or asset' is -it's an asset. Further, Accounts Receivable is a broad term. So, let's try to peel off each layer of … [Read more...] about Is accounts receivable a liability or asset?
Cheque received journal entry
The Cheque received journal entry is to account for the bank receipts. Such receipts will primarily be from the debtors. However, there will also be receipts from the other transactions. Such examples are added below for reference Receipts relating to Depositing … [Read more...] about Cheque received journal entry
Journal entries questions and answers
Journal Entry is an accounting equation. What's the purpose? To Record GL's on debit and credit sides How to record debit vs credit? Following Rules of Accounting. So, we will start with those rules. Then, we will learn journal entries questions, and … [Read more...] about Journal entries questions and answers