Still scratching your head after going through this lesson? No problem. Send us a question you have relating to this lesson or topic...
Before you submit though, it's a good idea to search the site to make sure your question hasn't been asked (and answered) before... just use the search feature at the top-right of your screen to search the site for any accounting topic. If after searching the site your accounting question has still not been answered, then submit it here.
Click below to see questions and solutions on this same topic from other visitors to this page...
Name the Accounts Question
Which accounts will be affected in the following transactions:
1. Receipts from cash costumers, P16, $420.
2. Received bill for gasoline used by …
Debit and Credit Abbreviations?
Q: What are the abbreviations for Debit and credit?
Purchase A/c dr 0000
To Cash A/c ( ? ) …
Journal Entry Question:
Purchase with Personal Funds
On 25th March 2011 Mr. A purchased goods to the value of rs. 25000. Due to a shortage of funds in the business he paid the amount from his personal account. …
Journal Entry Question: Complex Capital Investment
What is the journal entry for the following transaction:
Mr. A starts his business by bringing $1000 cash, accounts receivable $500, furniture $1000 …
Journal Entry - Purchasing Goods
Q: What is the journal entry for the following?
Purchase goods from KJ Mehta for cash 5,000 Rupees
Journal Entries and Ledger Exercise
Q: Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank account in ADCB and deposited …
Journal Entry for Bad Debts?
Q: What is the journal entry for bad debts?
Entry for Returned Cheque
Q: Dear Sir,
Can you please explain what will be the journal entry when a cheque we issued returned by bank and when they reproduce it?
A: The …
Journal Entry Question
Q: What's the entries for the following:
1 - Business started with cash 8,000 and plant & machinery 3,000.
2 - Stock purchase for sale (cash purchase)= …
Recording Retained Earnings
in the Journal
Q: How do you record retained earnings in the journal?
A: Earnings means profits and retained earnings is all the net profits one accumulated. …
Notations to Trace Transactions
Q: Notations that allow transactions to be quickly and easily traced from the journal of the ledger or from the ledger to the journal are called?
Journal Entry - Purchasing Furniture
Record the entry for the folowing: Mr Bank purchased furniture in cash
Journal Entry for Overtime
Q: Journal entry for overtime?
A: Same as for regular salary expense, except that you could have this as a separate expense called "overtime." I.e. …
Purchase Returns & Discounts Question
Q: If I bought 3 units of merchandise on account and returned 1 due to defects, and was given a credit memo, what would the entry be?
Debit: Credit …
Journal Entry for Shares Issued
Q: Make a journal entry for the following (assume that this occurred in the second half of 2009):
a) issued additional shares for 1,200 in cash.
Capital Investment Journal Entry
Ali starts the business with cash 10000
Gift And Shipment
Q: What are the journal entries for the following:
1) Received gift of Rs 51,000 from father-in-law by check, which is deposited into business bank …
Journal Entries Question:
Perpetual Inventory System & Credit Card Transaction
Q: Prepare journal entries for the following credit card sales transactions using the perpetual inventory system:
Sold $10,000 of merchandise, that …
Journal Entries Accrual Items Question
Q: I want to know how do you make the following journal entries:
1. Outstanding expense - rs 3,000
2. Accrued interest - rs 4,000
3. An amount of …
What does b1 and n2 mean?
Calculate the gross profit/loss if:
(Rs = Rupees, official currency of Pakistan, India and Sri Lanka. O/B = Opening Balance)
Q:Sales Rs.60000 Cost of sales Rs.50000 O/B Stock Rs.10000 …
Deep knowledge of adjustment entries
Q: Dear Sir,
I want to get deep knowledge of adjustment entries.
Hope you revert soon.
Vakil Singh Bhatia
A: Vakil, I do not cover adjusting …
Issuing Shares for Assets
Q: How would you write this in a journal entry: a company issued 2,660 shares of its common stock after $31,360 in cash and computer equipment with a …
Q: What is the cash book?
Click here to write your own.
Pay salaries - credit bank?
When we pay salaries to the staff, why are we crediting the bank?
Hussain, thank you for your question. Remember that the bank account is an …
Click here to write your own.