Accounting
Accounting

Deposit in Transit Journal Entry

Deposit in Transit Journal Entry Deposit in transit is the amount of cash or check that is already recorded in company financial statement but not yet reflected in the bank statement. The deposit was already sent to the bank, however, it was not processed and shown in the bank statement ...
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Journal entry for allowance for doubtful accounts

Journal entry for allowance for doubtful accounts Introduction In business, losses due to uncollectible accounts tend to occur when we extend credit to increase sales resulting in many credit sales taking place during each accounting period. In this case, we need to make the journal entry for allowance for doubtful ...
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Journal Entry for Capitalization of Fixed Asset

Journal Entry for Capitalization of Fixed Asset Introduction Capitalization of the fixed asset is the process of recording the cost of the asset that has a useful life longer than one accounting period to the balance sheet. Likewise, we can make the journal entry for capitalization of fixed asset when ...
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Journal Entry for Advance Received from Customer

Journal Entry for Advance Received from Customer Advance is the amount of cash that customers paid to the company before receiving goods or services. Some kinds of purchases require the customers to pay a certain portion of the selling price during the order. After receiving an advance, company has the ...
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Journal Entry for Credit Purchase

Journal Entry for Credit Purchase Purchase is the process of getting goods or services for the company for business purposes. The company needs to spend money to settle with suppliers in order to obtain the goods or enjoy the service. In business, supplier allows the company to obtain the goods ...
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Journal Entry for Salary

Journal Entry for Salary Salary is the expense that company paid to the employees in exchange for employment over a period of time. The company usually recruited employees to work in various departments such as sales, production, accounting, and so on. In exchange for their services, company needs to pay ...
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