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Journalize the Following Question
If Ram started a business with Rs. 50,000 in the name of Ram's optical house.
(Rs. = Rupees = Indian currency)
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?
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 Entries and T Accounts Exercise
Create journal entries and draw up the T-accounts for the following transactions (Rs. = Rupees = Indian currency):
1. Harish started business with cash …
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. …
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 …
Journal Entry - Payment on Account
What would be the entries in the journal if the problem is like this: "made payments on account, 17,000.00" ?
Transactions Exercise (Malaysia)
What accounts are affected by the following transactions (RM = Malaysian Ringgit = Malaysian currency):
1 Purchased goods from CBA Bhd. RM 800 …
What does b1 and n2 mean?
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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?
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 …
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