These rules called modern approach to accountingModern Approach of AccountingThe Journal is the basis of the accounting system, In Journal we record all day to day transaction of business. For journalizing all day to day transaction of the business we have to know about two type of principles/ Rules/ Modern Approach of Accounting shown in the diagram below.If you did not read our article on Traditional/Golden rules of accounting then click hereNow, I will explain all these five Modern rules of Accounting individually with examples:Capital AccountAssets AccountLiabilities AccountExpenses AccountIncome Account1. Capital AccountThis rule is applicable to all transactions which are related to an owner of the business.Example of Capital Accounts:- Cash invested by an owner into business, Cash withdraw by an owner from the business, Life Insurance premium paid for the life of the owner, Etc.Click here to check the meaning of a Capital.Now the question is : –2. Assets AccountThis rule is applicable to all assets of the business when an asset is purchased, sold, depreciated or disposed of.Example of assets Accounts:- Cash, Land and Building, Plant and Machine, Furniture and Fixture, Trademarks, Etc.Click here to check the meaning of an asset.3. Liabilities AccountThis rule is applicable to all Liabilities of the business when a liability is created, repaid, etc.Example of Liabilities Accounts:- Bank Loan. Mortgaged Loan Creditors, Short Terms Loans, Etc.4. Expenses AccountThis rule is applicable to all Expenses of the business.Example of Expenses Accounts:- Salary, Wages, Rent, Carriage, Freight, Transportation, Purchases of Goods only, Etc.5. Income AccountThis rule is applicable to all Income of the business.Example of Expenses Accounts:- Sale of goods, Gain on Sale of Assets, Commission Received, Rent Received, Discount Received, Bad Debts Recover, Etc.Read More…….
Petty Cash Journal Entry Help?
During October, Eastern Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $100 issued to the petty cash custodian. Oct. 31 A count of the petty cash fund disclosed the following items: Currency $5.00 Coins 0.40 Expenditures receipts (vouchers): Office supplies $28.10 Telephone, Internet, and fax 15.40 Postage 42.00 Freight-out 6.83 Oct. 31 A check was written to reimburse the fund and increase the fund to $200. Journalize the entries in October that pertain to the petty cash fund. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round all numbers to 2 decimal places, e.g. 12.00.) I got the Petty Cash 100 Cash 100 but I'm also asked to fill out part of the journal to reimburse the petty cash fund) and another to increase petty cash fun. Please, please please help.I really appreciate it!
Does anyone know of a website that can help me make journal entries for my accounting class?
To be honest, there is no such site, sorry. I happen to have worked in the accounting field for several years, and I have used the web for reference, but I have never come across a site like what you ask about. ~~~~~~ Of course, you can always post your journal entry questions here on Y/A, but I would suggest that you only post the ones you don't understand. I've seen people posting a 'question' where they want someone to give them about 40 journal entries. It's not worth it to take the time to type out 40 journal entries for 2 meaningless Y/A points. So if you do post them here, only ask for 3 or 4 journal entries in each post (otherwise no one will answer the question).
Can someone help me prepare these two journal entries?
DR :Accounts receivable 25,200 CR: Sales 25,200 DR: Discounts allowed 1,405 DR: Cash 23,795 CR: Accounts receivable 25,200
Making journal entries?
Yes, i have the following information that i have to create a double entry and a t account for. When all that is completed i have to make a trial balance for them. here are the items: Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock. Paid the premium on a one-year insurance policy, $1,200. Paid the current month's rent, $1,040. Purchased repair equipment from Conklin Company, $4,400. The terms were $600 down and $200 per month for nineteen months. The first payment is due November 1. Purchased repair supplies from McKenna Company on credit, $390. Paid utility bill for October, $154. Cash bicycle repair revenue for the first half of October, $1,362. Made payment to McKenna Company, $200. Cash bicycle repair revenue for the last half of October, $1,310. Declared and paid cash dividend of $800.
I need help figuring out how to do all the journal entries for this problem.?
On December 2, Coley Corp. reacquired 2,000 shares of its $2 par value common stock for $27 each. On December 20, Coley Corp. reissued 800 shares for $15 each. Which of the following is correct of the journal entry for the reissued shares? I know what the answer is, but I would like to understand how to journal entry the reissued shares for the lower price of $15. Thank you! 1) Debit Cash $30,000 2) Credit Paid in Capital - Treasury Stock $10,400 3) Credit Treasury Stock $12,000 4) Credit Treasury Stock $21,600
Accounting Journal Entries Homework questions?
I need to know the debit and credit. I've been going at these problems for half an hour now and still clueless...much appreciated for the help. 1. On May 31, 2011, the balance in Wages Payable is $25,000. The next wages paid are on June 15, 2011 for the amount of $40,000. What is the journal entry to record the payment wages on June 15? 2. Cowboys, Inc. purchases Machinery Equipment for $13,000 in cash on July 1, 2010. The equipment is expected to have a useful life of 4 years and a salvage value of $1,000. What is the adjusting journal entry needed to record depreciation on the fiscal year-end of December 31, 2010?