Adjusting Journal Entries Part 1
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RSB Accounting
Provides accounting and business services to sole traders and small partnerships. So, if you own a company and would like to see the benefits that an accountant or business consultant can have on your business then please feel to contact myself. My website is here, accountingstuff.co.uk.
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accountingstuff.co.uk
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RSB Accounting
Provides accounting and business services to sole traders and small partnerships. So, if you own a company and would like to see the benefits that an accountant or business consultant can have on your business then please feel to contact myself. My website is here:
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hi
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@TheSugarplum770 when recording the transaction you will debit the truck supplies worth 200 and credit cash worth 200..
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Sir, please upload some closing and reversing entry videos. My instructor is stupid and lazy and does not take the pain to explain well
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Thanks a bunch
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Hi! Can you please tell me how to record purchase of truck supplies? Is it an asset or an expense. The transaction reads purchased truck supplies for $200.
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Mr.White, I have a question to ask. Of the service revenue recorded,670 wan not earned for the current year. The original entry dr cash. Cr service revenue. Is that right? The adjusting entry is service revenue dr. And cr unearned revenue. The adj entry was done to lower derive revenue wrongly credited. Are the entries correct? If it is, why was cash not reduced? My instructor thinks this entry is right but I am confused. Please help. Thanks
TheSugarplum770 8 months ago
@TheSugarplum770 The Original entry would have be debit Cash and credit Unearned Service Revenue. then as revenue is earned we transfer from Unearned Service Revenue to earned Service Revenue. This is how we do it for things like Maintenance contracts, magazine and newspaper subscriptions, and other times when the customer pays money up front but receives services or product (e.g. magazine) later.
mwhite1249 8 months ago
Does this apply for Australian sytle accounting? I don't plan on majoring in Accounts but it's a compulsory paper so I need all the help I can get and if this doesn't adhere to Australian accounting standards then I am royally screwed.
MrDisco1234 1 year ago
The basic concepts of journal entries, debits and credits are the same, even though there are other differences in the types of books and accounts that are used, and in the reports that are prepared.
mwhite1249 1 year ago