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
Paid for Carriage Journal Entry
Carriage is a shipping expense. Such Carriage can be What does Carriage here mean? Expenses incurred for the Why incur these expenses? To bring in the goods from suppliers or deliver goods to its customers. All these are Carriage expenses. Depending … [Read more...] about Paid for Carriage Journal Entry
What is Contra Entry in accounting?
Before proceeding into the topic of What is Contra Entry in Accounting, let's understand some foundation topics. A Contra Entry is a journal entry that records cash and/or bank account transactions. The accounting treatment of this entry does not change the balance at the … [Read more...] about What is Contra Entry in accounting?
Income and Expenditure Account
The income and Expenditure Account is a part of the final accounts for non-trading entities. It helps in determining whether an entity earned surplus or deficit for a specific period. The structure resembles that of a profit and loss statement. What are the features … [Read more...] about Income and Expenditure Account