Journal Entry for Gain on Sale of Land Gain on sale of land incur when the company can sell land at a higher price compared to the carrying amount. Land is the fixed assets recorded on the company balance sheet. The land will be classified as fixed assets when the ...

Paid Telephone Bill Journal Entry Telephone expense is the cost that company spends on the landline, phone service, or other phone usages during the accounting period. Telephone bill is a statement sent by a service provider to a customer that lists the charges for the services used. The bill will ...

Journal Entry for Obsolete Inventory Obsolete Inventory is the amount of inventory that passes the best quality and it will be hard to sell to the customer. Inventory refers to the items that company sells to generate profit. This can be anything from products that are for sale to supplies ...

Journal Entry for Held to Maturity Securities Held-to-maturity security is a debt instrument that a company agrees to hold until the maturity date, at which point the issuer will be repaid the principal and interest. These types of securities offer investors protection against default and provide stability in times of ...

Journal entry for goods returned to supplier Introduction Sometimes, we may need to return the goods back to the supplier for some reason when the purchased goods are still in the return period. In this case, we need to make the journal entry for the goods returned to the supplier ...

Journal entry for goods sold on credit or cash Introduction In business, we may have sold goods both for cash as well as on credit during the accounting period. Likewise, we need to make the journal entry for the goods sold that may be made for cash or made on ...