Credit Purchase Journal Entry
Credit Purchase Journal Entry
Journal Entries
Cash Purchases Journal Entry
Cash Purchases Journal Entry is recorded when a company pays for goods or services in cash.
Journal Entry for Accounts Payable
The Journal Entry for Accounts Payable would typically involve debiting the accounts payable account and crediting the cash or bank account.
Journal Entry for Outstanding Expenses
Journal Entry for Outstanding Expenses includes recognising the Exepnses and creating an offsetting Liability for same.
Journal Entry for Commission Received
Journal Entry for Commission Received typically include money received and booking an offsetting income to Profit and Loss account.
Interest on Drawings Journal Entry
Interest on Drawings Journal Entry – When charging interest on drawings, the journal entry is typically made at the end of the accounting period to record the interest expense and its impact on the owner’s equity.
Accounting Journal Entries for Depriciation
Accounting Journal entries for depreciation involves recording the periodic depreciation expense and reducing the value of the corresponding asset. Here’s an example of a journal entry for depreciation:
What is Journal Entry for Salary Outstanding ?
What is Journal Entry for Salary Outstanding ? – involves recording the expense and liability associated with the unpaid salaries. The specific accounts used may vary depending on the company’s chart of accounts and accounting practices.
What are bad debts ?
Bad debts refer to the portion of accounts receivable that a business is unable to collect from its customers or clients.
