Bookkeeping General Journal

by Teng
(Melbourne)

In the opening balance of general journal, the balance bank account of say $30,000, should that be in debit or credit in my accounting and why?

Hello Teng,

Thanks for your inquiry.

The bank balance of $30,000 should show in the debit column as asset accounts are debit accounts.

Journal

by Angel
(Kingsland)

Which of the following statements best describes journalizing transactions?

A. Journalizing occurs after posting to the ledger.

B. Journalizing must be done daily.

C. Journalizing is the process where events of business are recorded in the journal.

D. Journalizing can’t be completed until the ledger accounts have been opened.

Hello Angel,

The answer to your question above is:

C. Journalizing is the process where events of business are recorded in the journal.

Thanks for asking.

Journal

by Md. Bilal Uddin
(London)

pls show advance entry for expense as adjustment

Journal Entries

by rajan kalia
(gaborone, botswana)

A truck is bought on loan for 255600 while the loan is still to pay fully the truck met accident and is writeoff the insurance paid the bank amount of 153567 and bank returned the company 43860 how to pass the entries

Journal Entries

by Marissa
(Los Angeles)

How would a journal entry look for this circumstance

The president of ABC Corp. takes out 1,000.00 from the corporate checking account for personal use.

DR
CR

Journal Entries

If a customer buy an equipment for $2000 and paid in full by cash. Later on, he return and exchange this equipment for another equipment for $1000. but the store want to charge him 20% of $2000 for restocking fee.

What are the journal entries for the above transaction?

Journal Entries

by Lucy Msoro
(Tanzania)

What are the journal entries to be recorded in the books when recognizing statutory deductions accruals and when making payments of statutory deductions?

Journal Entries

Not so much my forte.
I need to move x amount from a sales tax payable account to the penalties account. X was debited from sales tax payable, and same x was credited to accounts payable. How do I move everything to a penalty ?? Help.

JOURNAL ENTRIES

by VAL
(UK)

I need to make the journal entries to correct these errors:

Trial balance failed to agree and the difference of £680 is recorded in the credit side of a Suspence acc. On investigation the following errors are discovered:

1. A purchase inv for £157 had been postedto J W Day & Sons in error. The goods have be bought from Days Supplies.

2. The Sales Day Book has been overcast by £220.

3. A cheque payment for repairs to the office building of £41 had been entered in the accounts as £14.

4. A payment by cheque of £50 to A Biggs has been debited in the cash book and credited to A Biggs Acc.

5. The purchase of a motor vehicle costing £5600 has been entered correctly into the bank account but debited to the motor vehicles account as £6500.

6. A credit sale of £180 had not been entered into the accounts.

I need details of a suspense acc showing the original opening balance and the entries that must be made to clear the account.

Many thanks.

Journal entry

by Sue
(Chesapeake VA)

When recording daily pay outs what account would you credit against these expenses?

Journal Entry

The liablity for land and building is on the balance sheet and it has been paid but they did not adjust the liabilty account so the Balance Sheet shows a largehaccount of debt that has been paid. I know to debit the liabilty but what do you credit. This is a non profit

Journal Entry

by Denisee
(Dublin)

Purchases a computer on credit

Journal Entry

by deepti
(sydney)

Whats the journal entries for this two transactions:

1. Received an invoice for $75 for repairs done to shop equipment.

2. Organised a loan from the bank for $15,000 to be paid back over 3 years

thanks.

Journal Entry

by sana ali
(islamabad)

What is the entry of sold capital stock to owners?

Journal Entry Question

On October 1, your calendar year company, which is on the accrual basis, signs a $15,000 painting contract and makes a $5,000 advance, which you record in Painting

Expense. If, on December 31, management tells you that 20% of the work has been

Completed, you will:

Journalize

F.Crouteau invested $45000 in moving business.
the business purchased a $35000 TRUCK FROM D.Arcy Moors by paying $10.000 difference will be paid at a later date.

Using Opening Balances as Opposed to a Journal Entry

by Janice
(Strathclyde)

What is missing from an opening balance entry when using the routine as opposed to a journal?

Recording To The General Journal

by Dedra
(GA)

returned damages supplies for a cash refund for 150 will it look like this


accounts payable 202 150
cash 101 150

What Journals To Use

When I get an invoice for office supplies what journals to I put them in?

General Journal & NCG

by Lindy
(Geelong Vic Australia)

Hi. I am trying to work out how to do a general journal entry into quickbooks with the following;

citylink account(created an other current liability account).

general journal;

citylink account $8.32(inc)
Motor Vehicle $8.32(inc)

when i put ncg into each line through journal.. it shows up twice in my tax payable account??? as billed and paid.. not sure how to set it up in the General Journal Area...

PLEASE HELP...

Regards
Lindy :)