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
Accounting
Salary Paid Journal Entry
Salary Paid journal entry is used to record expenses and payments. That's the most frequent expense for any business. So let's learn how to record it in any accounting software. Recording journal entries may seem like rocket science until it's learned correctly. Every … [Read more...] about Salary Paid Journal Entry
Commission Receivable Journal Entry
The Commission Receivable Journal Entry is to record the accrued Commission. What does commission mean? A commission is the payment made for completing a task. For instance, marketing professionals are paid a commission based on the sales value. What's the purpose … [Read more...] about Commission Receivable Journal Entry
Rent Paid Journal Entry
Rent Paid Journal entry results in Rent is a payment for property use. What does Properties mean? House, Buildings, Machinery, Car, etc. Is there any limitation on purpose? Nope. It can fall into any of the following purposes Therefore, there are no … [Read more...] about Rent Paid Journal Entry
Interest on Capital Journal Entry
An interest on Capital Journal Entry is similar to an entry relating to an interest expenditure incurred by the entity for its loans or borrowings. So, Interest on Capital is also an expense to the business. Let me explain how this guide flows. First, I will explain the reason … [Read more...] about Interest on Capital Journal Entry