How do you prepare a journal entry based on financial information?
I'd like examples please. =]
2007-09-21 08:53:47 · 5 answers · asked by =] 4 in Business & Finance ➔ Other - Business & Finance
very funny.
2007-09-21 09:11:15 · update #1
Do I prepare it on a spreadsheet?
Do you have any tips/advice/examples?
2007-09-21 09:11:59 · update #2
You have to make sure that debits equal credits. You can prepare it on a spreadsheet, you can put it down on a sheet of paper, you can also create them in an accounting software program for a business.
Examples:
Dr. Depreciation Expense - $10,000
Cr. Accum. Depreciation Machinery - $10,000
To record Depreciation Expense for the year.
Dr. Interest Expense - $545.00
Cr. Note Payable - $545.00
To adjust Note Payable to balance per bank info at year end.
The list can be endless.
2007-09-21 09:31:24 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The links below contain very good course material on journal entries as well as illustrations.
2007-09-21 19:01:50 · answer #2 · answered by Sandy 7 · 1⤊ 0⤋
depends on the transaction. every JE has two side, a debit and a credit. Lets say you are starting a company and you buy a computer with cash. the entry would be a debit to fixed assets and a credit to owners equity, but if you pay for it with a credit card the credit would be to a credit card liability account.
2007-09-21 09:09:35 · answer #3 · answered by Carol H 1 · 1⤊ 0⤋
Your school colors. That way every you can easily associate that shirt for your school experience! Good Luck
2016-05-20 03:16:37 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Does your class not use a textbook? Any reason you don't want to open the book?
2007-09-21 09:06:36 · answer #5 · answered by dkarlsenyh 3 · 0⤊ 2⤋