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What is the journal entry of a repayment of a loan 2000 debited in error to wages account?
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∙ 9y ago
Debit Loan account 2000
Credit Wages account2000
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∙ 9y ago
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How do you reverse a journal entry?
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
What is the journal entry for a purchase purchased on account of 54780?
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
How do you made a journal entry for loan repayment schedule?
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
A sole proprietor has incurred as expense out of his personal accont - what will be the journal entry?
The expense account will be debited and capital will be credited by the same ammount
How do you journal entry prepay account?
Dr: Prepayment to Suppliers (In Case of Expense, then "Prepaid expense" account will be debited e:g Prepaid Rent) Cr: Bank/Cash
What accounts might be placed first in a proper journal entry?
Typically, the accounts that are credited are placed first in a journal entry, followed by the accounts that are debited. The credit account is listed on the first line with the credit amount, and the debit account is listed below with the debit amount.
What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
How you create an eliminating journal entry?
By entering the transaction in a reverse way. Ex: If A account is debited with USD500 and B account is credited with USD 500, to reverse or eliminate the effect of this entry, you Debit B account with USD 500 and credit A account with USD 500.
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
Journal entry for salary advance paid?
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
When a business makes a sale on account which account is debited in the accounting entry?
Cash book
What would the journal entry be if expenses are paid out of personal cash?
I think that you mean a debit which goes on the left side of the journal or in your record book
