Principles of Accounting?
Ok. I don't know how to journalize the following
1) Sept 24, 2006 Paid garage $470 for miscellaneous repairs to the truck
2) June 30, 2007 Paid garage $550 for miscellaneous repairs to the truck
Question: how do i journalize this transaction and the adj. entries?
Note: 1st Explain
2nd Give me the answer
ADD a resource I can go to. That would be great but not essential.
Answers: 2 separate entries: credit checking account, debit Misc. repairs
the two entries crash into different accounting periods (years) but you haven't described any want for adjusting entries. ...misc. repairs description would be closed out with a nought balance at the ruin of the year
Debit - Auto Repairs/Maintenance
Credit - Cash
Not really sure how to explain this other than you rewarded cash for an expense. I also don't own a resource for you to refer to. I've been within Accounting for over 15 years, most recently as Assistant Controller.
Credit brass for 470
Debit (can't remember which account but you necessitate a debit of 470 it will probably be something for the worth of the truck)
and do it again.
Make sure you know if it is cash or not...
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1) Sept 24, 2006 Paid garage $470 for miscellaneous repairs to the truck
2) June 30, 2007 Paid garage $550 for miscellaneous repairs to the truck
Question: how do i journalize this transaction and the adj. entries?
Note: 1st Explain
2nd Give me the answer
ADD a resource I can go to. That would be great but not essential.
Answers: 2 separate entries: credit checking account, debit Misc. repairs
the two entries crash into different accounting periods (years) but you haven't described any want for adjusting entries. ...misc. repairs description would be closed out with a nought balance at the ruin of the year
Debit - Auto Repairs/Maintenance
Credit - Cash
Not really sure how to explain this other than you rewarded cash for an expense. I also don't own a resource for you to refer to. I've been within Accounting for over 15 years, most recently as Assistant Controller.
Credit brass for 470
Debit (can't remember which account but you necessitate a debit of 470 it will probably be something for the worth of the truck)
and do it again.
Make sure you know if it is cash or not...