What would be the accounting log entry for check received for public sale $2000. Will we debit brass or sandbank ?
i dream up it could be currency but m not sure..since check is not entirely in brass form. So please back!!
Answers:
It depends on your chart of accounts. If your company have a Bank a/c, afterwards you should debit that one. Cash probably system petty dosh when you hold a separate change a/c contained by your chart of a/cs. But you should details that within accounting, most empire reflect on of cheques as brass. A change flow statement is not merely pure brass transactions. Most symmetry sheets hold this beneath "Cash & mound balances" or "Cash & brass equivalents"
Debit lolly $2,000. Credit Sales or Revenue $2,000
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Answers:
It depends on your chart of accounts. If your company have a Bank a/c, afterwards you should debit that one. Cash probably system petty dosh when you hold a separate change a/c contained by your chart of a/cs. But you should details that within accounting, most empire reflect on of cheques as brass. A change flow statement is not merely pure brass transactions. Most symmetry sheets hold this beneath "Cash & mound balances" or "Cash & brass equivalents"
Debit lolly $2,000. Credit Sales or Revenue $2,000