Bookkeeping General Journal Question

by Teng
(Melbourne)

General Journal Entry

General Journal Entry

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?


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Jun 11, 2018
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Bookkeeping Journal Entry Answer
by: Stephanie

Hello Teng,

Thanks for your inquiry.

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

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Capital Stock Journal Entry

by sana ali
(islamabad)

Stock Sale Journal Entry

Stock Sale Journal Entry

What is the entry of sold capital stock to owners?

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Aug 11, 2023
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Stock Sale Journal Entry
by: BB

When a company sells its capital stock to its owners (or shareholders), the journal entry reflects an increase in equity and an increase in the company's cash or other assets, depending on the method of payment. Here's the typical journal entry:

Debit: Cash (or Bank Account, or other relevant asset accounts if the payment is not made in cash)

This reflects the inflow of assets as a result of the stock sale.
Credit: Capital Stock (or Common Stock or Preferred Stock, depending on the type of stock sold)

This represents the equity increase due to the issuance of the stock.
For instance, if the company sold shares for a total of $10,000, the entry would be:

Debit: Cash - $10,000
Credit: Capital Stock - $10,000

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Computer Journal Entry

by Denisee
(Dublin)

Computer Journal Entry

Computer Journal Entry

How would I record the journal entry for purchase of a computer on credit?

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Aug 11, 2023
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Computer Purchased On Credit
by: Stephanie

Thank you for your contribution with regards to how to record a computer journal entry for a purchase of a computer on credit.

Purchases made on credit are journal entried as follows:

DEBIT Asset Account
CREDIT Credit Account

Then when making payments you will:

CREDIT Bank Account
DEBIT Credit Account

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Corporate Journal Entries

by Marissa
(Los Angeles)

Corporate Journal Entries

Corporate Journal Entries

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

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Jul 17, 2023
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Owner's Draw Journal Entry
by: Stephanie

The journal entry for the president of ABC Corp. taking out $1,000.00 from the corporate checking account for personal use would be as follows:

DR: Owner's Drawings or Drawings ($1,000.00)
CR: Cash or Bank ($1,000.00)

This entry records the withdrawal of funds by the owner for personal use, reducing the company's cash or bank balance and reflecting the owner's drawings as an equity reduction.

It is important to note that this type of transaction should be carefully documented and monitored to ensure proper separation of personal and business finances.

May 17, 2011
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Debit Credit
by: Henk

I'm sure the following is correct

DR owners withdrawal (in Equity) reduces owners equity
CR bank account since money is coming out

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Expense Journal Entry

by Md. Bilal Uddin
(London)

Expense Journal Entry

Expense Journal Entry

Please show the advance journal entry for expense as an adjustment.

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Jul 17, 2023
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Journal Entry Adjustment
by: Stephanie

To provide a proper journal entry for an expense adjustment, I would need specific details regarding the nature of the adjustment and the accounts involved. Generally, an expense adjustment is made to correct or update previously recorded expenses.

Here is a generic example of an advance journal entry for an expense adjustment:

Date: [Insert Date]
Account Debit: Expense Account [Specify the expense account affected]
Account Credit: Accrued Expenses [Specify the accrued expenses account]

Amount: [Specify the amount of the adjustment]

Explanation: [Provide a brief explanation of the reason for the expense adjustment]

Please note that this example is a general template and should be modified to reflect the specific circumstances of the expense adjustment. It is recommended to consult with a professional accountant or bookkeeper for accurate and tailored journal entries based on your unique situation.

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General Journal & NCG

by Lindy
(Geelong Vic Australia)

General Journal Entry in QB

General Journal Entry in QB

Hello. I'm attempting to make a general journal entry in QuickBooks. I've created a CityLink account as an "other current liability account." When I input the following general journal details:

CityLink Account: $8.32 (including tax)
Motor Vehicle: $8.32 (including tax)

and use "NCG" for each line in the journal, it appears twice in my tax payable account, both as billed and paid. How can I correctly set this up in the General Journal Area? Regards, Lindy :)

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Aug 11, 2023
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General Journal Entry in QuickBooks
by: BB

Lindy, it seems you're encountering a duplication issue in QuickBooks, which can be a common hiccup. When you're making a general journal entry involving taxes, QuickBooks can sometimes interpret it in ways you might not expect. To avoid the duplication:

Ensure you're not inadvertently double entering the tax by manually entering it and then also selecting a tax code.

Instead of using "NCG" on both lines, use it only for the transaction that represents the tax. The other line should have a different appropriate tax code or no tax code if it's not applicable.

If you continue to experience issues, consider reaching out to QuickBooks support or consulting with an accountant familiar with the software.

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Journal Entry Corrections

by VAL
(UK)

Suspense JE Adjustments

Suspense JE Adjustments

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 Suspense acc. On investigation the following errors are discovered:

1. A purchase inv for £157 had been posted to J W Day & Sons in error. The goods have been 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.

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Aug 11, 2023
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Suspense Account JE Adjustments
by: BB

Given the errors discovered in the accounts, you'll need to make various adjustments to rectify them and clear the Suspense account. Here's how you would correct the errors:

1. Incorrect Posting of Purchase Invoice:

Debit: Accounts Payable (J W Day & Sons) - £157
Credit: Suspense - £157
Debit: Suspense - £157
Credit: Accounts Payable (Days Supplies) - £157

2. Overcast of Sales Day Book:

Debit: Suspense - £220
Credit: Sales - £220

3. Repairs Mistake:

Debit: Repairs Expense - £27 (The difference between £41 and £14)
Credit: Suspense - £27

4. Cheque Payment to A Biggs:
(Since the error suggests a simple reversal, no Suspense account is involved here.)

Debit: A Biggs Acc - £50
Credit: Cash/Bank - £50

5. Incorrect Entry for Motor Vehicle:

Debit: Motor Vehicles - £900 (The difference between £6500 and £5600)
Credit: Suspense - £900

6. Missed Credit Sale:

Debit: Accounts Receivable - £180
Credit: Suspense - £180

To detail the Suspense account:

Original balance: £680 Cr.

Entries:

Debit Suspense £157 (for J W Day & Sons error)
Debit Suspense £220 (for Sales Day Book overcast)
Debit Suspense £27 (for Repairs mistake)
Credit Suspense £157 (for Days Supplies correction)
Credit Suspense £900 (for Motor Vehicle error)
Credit Suspense £180 (for missed Credit Sale)

Ending balance: After all the corrections, the Suspense account should balance out to zero, indicating all errors have been identified and rectified.

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Journal Entry Recording

by Sue
(Chesapeake VA)

Recording Daily Payouts

Recording Daily Payouts

When recording daily pay outs in the journal entry, what account would you credit against these types of expenses?

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Recording Daily Pay Outs JE
by: Stephanie

Thank you for your journal entry recording question. A typical journal entry for recording expenses would be to debit the expense and credit the bank account that is being used to pay for the expense.

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Journal Entry For Repairs

by deepti
(sydney)

Repairs Journal Entry

Repairs Journal Entry

What's the journal entries for these two transactions:

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

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

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Aug 11, 2023
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Repairs Expense Journal Entry
by: BB

For the provided transactions, here are the journal entries:

1. Received an invoice for repairs:

Debit: Repair Expense (or Equipment Repair Expense) - $75
Reflecting the expense incurred for repairs.

Credit: Accounts Payable - $75
Recognizing the liability or the amount you owe for the repair services.

2. Organized a loan from the bank:

Debit: Cash or Bank Account - $15,000
Increase in your cash or bank balance because of the loan received.

Credit: Loan Payable (or Bank Loan Payable) - $15,000
Recognizing the liability or the amount you owe to the bank.

Sep 30, 2011
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Journal Entry
by: Henk

Received an invoice for $75 for services
Credit Bank 75.00 - Decrease to account
Debit Accounts Payable 75.00 - Decrease to account

Organized a loan from the bank for $15,000
Debit Bank 15,000.00 - Increase to account
Credit Accounts Payable 15,000.00 - Increase to account

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Journal Entry Question

Prepaid Expense Journal Entry

Prepaid Expense Journal Entry

On October 1, your company, which operates on a calendar year and uses the accrual accounting method, enters into a $15,000 painting contract.

You make an advance payment of $5,000 and record it as a "Painting Expense." If by December 31, management informs you that only 20% of the work has been completed, how would you adjust the accounts to reflect the appropriate expense?

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Aug 11, 2023
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Prepaid Painting Expense JE
by: BB

For the contract of $15,000, 20% completion means $3,000 worth of work has been done. You've previously recorded $5,000 as "Painting Expense." Given that only $3,000 worth of services has been received by December 31, you'll need to adjust your accounts. Journal Entries:

Original Entry:

Debit: Painting Expense - $5,000
Credit: Cash or Bank Account - $5,000
Adjustment Entry at Year End:

Debit: Prepaid Painting Expense (or Other Current Assets) - $2,000

Credit: Painting Expense - $2,000

After the adjustment, your Painting Expense for the year will be $3,000 (reflecting the 20% of work completed), and you'll have a prepaid expense of $2,000 that will be expensed in the next year as the work continues.

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Journalize Truck Business Purchase

Truck Purchase Journal Entry

Truck Purchase Journal Entry

Croteau invested $45000 in moving business.
The business purchased a $35000 TRUCK FROM Darcy Moors by paying $10.000 difference will be paid at a later date. How do you journalize this?

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Business Asset Purchase JE
by: BB

Based on the transactions provided, here's how you would journalize them:

Croteau's Investment into the Business:

Debit: Cash or Bank Account - $45,000
This indicates an increase in the company's cash or bank balance due to the investment.

Credit: Owner's Equity or Capital (Croteau's Capital) - $45,000

This recognizes Croteau's investment into the business.

Purchase of Truck from Darcy Moors:

Debit: Vehicles or Truck (an asset account) - $35,000
Reflects the acquisition of the truck, an asset to the business.

Credit: Cash or Bank Account - $10,000
Reflects the partial cash payment made.

Credit: Accounts Payable (to Darcy Moors) - $25,000
Reflects the liability or the amount still owed to Darcy Moors.

In summary, the company invests in a truck, pays a part of it in cash, and promises to pay the remainder later, thus creating a payable.

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Journalizing Transactions

by Angel
(Kingsland)

Journalizing Transactions

Journalizing Transactions

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.

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General Journal Entry in QuickBooks
by: BB

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.

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Liability Journal Entry

Liability Adjustment

Liability Adjustment

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

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Liability Adjustment JE
by: BB

When a liability related to the land and building on the balance sheet has been paid off, but it's not adjusted in the liability account, you need to correct it to ensure your financial statements are accurate.

To adjust the liability:

Debit: Liability for Land and Building (by the amount of the liability) – this reduces the liability.

Credit: If the liability was settled using cash or a bank account, then you would credit:

Credit: Cash or Bank Account (by the amount of the liability) – this reflects the payment that was made.

However, if the payment was not made in cash, or if there's a different scenario that you haven't mentioned (like an in-kind contribution, forgiveness of the debt, etc.), then the credit entry would vary accordingly.

Given that this is a non-profit, ensure that if the liability adjustment relates to any donations, grants, or any other specific transaction, it's accounted for appropriately and disclosed correctly in the financial statements.

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Product Certificate Redemption Journal Entry

by Sue P
(Lancaster, PA)

Product Certificate Journal Entry

Product Certificate Journal Entry

I am self-employed and work on commission as a distributor. Booking that commission is straight forward. My question is: They also issue product certificates (PCs) that we can redeem for products. We only pay shipping. The PCs have no cash value in reality.

If not used by their expiration date, they are unusable. However, if I redeem them, I will need to reflect that in my business's books, but I am unsure how. For example, I use PCs to purchase a $500 item. I have no outlay of cash except for the $30 shipping fee. How would I book this?

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Product Certificate Journal Entry
by: Stephanie

When you receive product certificates (PCs) that you can redeem for products, it's an incentive provided by the company. When you use the PCs, it's important to record the value of the products received as well as any additional costs incurred, such as shipping. Here's how to record the transaction in your books:

When you redeem the PCs for products:

Debit: Inventory (or Expense, depending on the nature of the item and how it's used in your business) - $500

Debit: Shipping Expense - $30

Credit: Commission Income or Other Income (representing the value of products obtained through PCs) - $500

Credit: Cash or Bank Account (for the outlay of cash on shipping) - $30

This way, you've accounted for the product's value, even if no actual cash transaction took place for that particular value. The value is, in effect, offset by recognizing it as income since it represents a non-cash compensation for your services.

Note: If the product you obtain is meant for resale, it should be booked into Inventory. However, if it's a business-use item (like office equipment), you would book it as an asset or immediate expense, depending on the item's nature.

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Return and Exchange Journal Entry

Return and Exchange Journal Entry

Return and Exchange Journal Entry

What journal entries should be made for the following transaction:

A customer purchases an equipment for $2000 and pays in full with cash. Subsequently, the customer returns the equipment and exchanges it for another equipment valued at $1000.

However, the store wants to impose a restocking fee of 20% of the original equipment's cost ($2000).

Please provide the appropriate journal entries for this transaction.

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Jul 17, 2023
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Return Journal Entry
by: Stephanie

The journal entries for the given transaction would be as follows:

When the customer purchases the equipment:
DR Equipment (or Inventory) $2000
CR Cash $2000

When the customer returns and exchanges the equipment:
DR Sales Returns and Allowances $2000
CR Equipment (or Inventory) $2000

When the store charges a restocking fee:
DR Restocking Fee Expense $400 (20% of $2000)
CR Cash $400

Please note that the specific accounts used may vary depending on the company's chart of accounts and accounting practices.

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Sales Tax Payable Journal Entry

Sales Tax Payable JE

Sales Tax Payable JE

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.

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Aug 11, 2023
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Journal Entry Accounts Payable Correction
by: BB

If you've mistakenly debited the Sales Tax Payable account and credited Accounts Payable, but now you want to move everything to a Penalties account, you can correct the mistake with the following journal entries:

1. Reverse the Incorrect Entry:

Debit: Accounts Payable (by x amount) - To nullify the previous mistaken entry.

Credit: Sales Tax Payable (by x amount) - To bring it back to its original state.

2. Record the Correct Entry to the Penalty Account:

Debit: Sales Tax Payable (by x amount) - To reduce the liability from this account.

Credit: Penalties Expense (by x amount) - To recognize the penalty expense.

So, by making these journal entries, you've effectively moved the amount from Sales Tax Payable to Penalties Expense, while also rectifying the error made with Accounts Payable.

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Statutory Deduction Journal Entries

by Lucy Msoro
(Tanzania)

Statutory Deductions

Statutory Deductions

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

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Statutory Deductions JE
by: BB

When recognizing statutory deductions accruals and then making payments of those deductions, the journal entries generally involve two stages: accrual and payment. Here's a breakdown of the entries:

1. Recognizing Statutory Deductions Accruals:

When you accrue or recognize the statutory deductions (like taxes, social security, etc.), you will make an entry that acknowledges the liability.

Debit: Expense Account (e.g., Salaries and Wages Expense for employee-related statutory deductions)
Credit: Liability Account (e.g., Payroll Tax Payable or Social Security Payable)
This entry recognizes the expense associated with the deduction and establishes a liability since you owe this amount to the respective authority.

2. Making Payments of Statutory Deductions:

When you eventually make the payment for the accrued statutory deductions, you will reduce the liability.

Debit: Liability Account (from the above accrual, e.g., Payroll Tax Payable)

Credit: Cash or Bank Account
This entry clears the liability and represents the cash payment to settle the statutory obligation.

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Truck Accident Journal Entries

by rajan kalia
(gaborone, botswana)

Asset Write-Off

Asset Write-Off

When a truck is purchased on a loan for $255,600 and is involved in an accident before the loan is fully paid off, resulting in a write-off, the insurance company pays the bank an amount of $153,567.

The bank then returns $43,860 to the company. How do you pass these journal entries?

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Journal Entry for Asset Write-off
by: BB

When the truck is involved in an accident and results in a write-off, and the insurance company pays an amount, multiple journal entries need to be made to correctly reflect these transactions.

Recording the truck purchase on loan:

Debit: Vehicle (or Truck) Asset - $255,600
Credit: Loan Payable (or Truck Loan) - $255,600
Recording the insurance payout:

Debit: Loan Payable - $153,567
Credit: Loss due to Accident - $101,833 (This is the difference between the loan amount and the insurance payout, representing the loss incurred.)
Credit: Cash (or Bank) - $51,734 (This is the amount paid by the insurance after settling the loan.)

Recording the return amount from the bank:

Debit: Cash (or Bank) - $43,860
Credit: Loan Payable - $43,860
By the end of these entries, your truck asset is written off, the loan is reduced by the insurance payout and the returned amount, and the loss due to the accident is recorded.

Jul 17, 2023
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Insurance Journal Entry
by: Stephanie

To pass the entries for this scenario, the following journal entries can be made:

To record the insurance payment:
Debit: Insurance Receivable or Cash ($153,567)
Credit: Bank Loan ($153,567)

To record the return of funds from the bank to the company:
Debit: Bank Loan ($43,860)
Credit: Cash or Bank ($43,860)

These entries reflect the transaction of the insurance payment and the return of funds from the bank to the company. It is recommended to consult with a professional accountant or bookkeeper to ensure the accuracy and proper recording of these entries based on the specific circumstances of your situation.

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What Journals To Use

Office Supplies Journal Entry

Office Supplies Journal Entry

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

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Office Supplies Expense JE
by: BB

When you receive an invoice for office supplies, the transaction typically affects your "Office Supplies" expense account and a liability account, depending on whether you pay for the supplies immediately or will pay at a later date. Here's how you would journalize it:

If you're going to pay for the supplies later (on credit):

Debit: Office Supplies Expense - (amount on the invoice)

Credit: Accounts Payable - (amount on the invoice)
If you pay for the supplies immediately with cash:

Debit: Office Supplies Expense - (amount on the invoice)

Credit: Cash or Bank Account - (amount on the invoice)

Remember, "Debit" entries represent increases in assets or expenses and decreases in liabilities, equity, or revenues. Conversely, "Credit" entries represent decreases in assets or expenses and increases in liabilities, equity, or revenues.

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