This amount may be different from what it would cost today to replace them or the amount the assets could be sold for. Journalizing is the process of recording accounting entries in the journal. In common parlance, it is called unearned revenue. 2 - stock purchase for sale (cash purchase) = 3,000, credit purchase = 5,0003 - 1 Dr Purchases/Inventory 70,000 Cr Cash on hand 70,000 Note that it's "Purchases" for a periodic system of inventory and "Inventory" if it's the perpetual system. d) Requires that the dollar amount of debits equal the dollar amount of credits in a journal entry. Journal entries exercises with answers pdf.
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