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 manufacturing. Assume it is an … [Read more...] about Electricity Journal Entry
Accounting
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 for a business. These are not just an entity's office/fax/toll-free/call center expenses. However, it will also include reimbursements for its employees' voice/data plan. Nowadays, entities provide their employees with smartphones to … [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 buys and resells Furniture, the appropriate classification will be Inventory.On the contrary, … [Read more...] about Purchase furniture journal entry
Journal Entry for Interest on Drawings
Journal entry for Interest on Drawings is to record the interest income. What's the need to record? Drawings might attract interest. Are you wondering why there is an interest charge on drawings? Come, let's explore this. Drawings are the amount that partners … [Read more...] about Journal Entry for Interest on Drawings