#1
June 3rd, 2016, 07:37 AM
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Journal Entries For MBA
Hii sir, I wants to get Some Examples of the Journal Entries of the MBA Course Will you please provide it ?
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#2
June 3rd, 2016, 07:51 AM
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Re: Journal Entries For MBA
A journal entry is an accounting record of a business financial transaction that takes place in an organization. The journal entry states the transaction date and the different accounts that are affected due to the transaction with the amounts. Format of the General Entry : Date Name of account being debited Amount Name of account being credited Amount Optional: short description of transaction Example of the General Entry : Consider the following example that illustrates the basic concept of general journal entries. Mike Peddler opens a bicycle repair shop. He leases shop space, purchases an initial inventory of bike parts, and begins operations. Here are the general journal entries for the first month: Account Names & Explanation Debit Credit Cash 7500 Capital 7500 Owner contributes $7500 in cash to capitalize the business. Bike Parts 2500 Accounts Payable 2500 Purchased $2500 in bike parts on account, payable in 30 days. Expenses 1000 Cash 1000 Paid first month's shop rent of $1000. Cash 400 Accounts Receivable 700 Revenue 1100 Repaired bikes for $1100; collected $400 cash; billed customers for the balance. Expenses 275 Bike Parts 275 $275 in bike parts were used. Cash 425 Accounts Receivable 425 Collected $425 from customer accounts. Accounts Payable 500 Cash 500 Paid $500 to suppliers for parts purchased earlier in the month. |
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