In a compound journal entry, there are two or more debits, credits, or both. Example of jounal entry includes the purchase of machinery by the country where machinery account will be debited and the cash account will be credited.. On April 15 Rose secured a business loan from her bank for the business for $7,000.On April 21 Rose had to purchase more vases from Vase Co. these were bought on credit to the value of $250.00.Also on 30 April the bank took their first loan re-payment of $325. var FIX=FIX||{}; The accounting journal entries on this page will show you what journal entries look like, how they affect the business bookkeeping and how you can use them for your benefit. A set of accounts is listed for each sample journal entry, which may vary somewhat from the titles of accounts used in one’s company. Bachelor of Commerce – B.Com Part 2 (Second Year) Solved Assignments for 2020 Annual Examinations, Code : CA Course Title : Corporate Accounting, CA: Corporate Accounting Solved Assignment for 2020. Although many companies use accounting software nowadays to book journal entries, journals were the predominant method of booking entries in the past. Sales simply means to transfer something, whether goods or services, by receiving for it, either at the time when the goods are transferred or at a later date. On April 27 Rose took $90.00 to pay the vet for her catâs vaccination. Journal entries are made in a chronological order. Let’s look at the journal entries for Printing Plus and post each of those entries to their respective T-accounts. General Ledger Accounts (GL): How They Are Used in Bookkeeping, if you have to account for sales tax, make sure it is included on the expense, but. On April 4 $1,500 was paid to Flowers Wholesale for initial stock of various flowers and vases.On April 5 a desk was brought from Office Supplies Inc. for $800.00IT Experts was paid $845.00 for set up of new computer and retail sales software of $350 on April 14. This will result in an increase in an asset account which is a debit and a credit to Accounts Payable in the amount of $4,000. Mentoring the youth has proved to be his successful manoeuvre in contemplating, analysing and executing his understanding of varying and crucial aspects. It also gives a true reflection of how much is being spent on business expenses. Answer: The journal … ... Based on the number of accounts available for use, the type of entry into the journal will also be decided. Journal entries are important because they allow us to sort our … Unlike simple journal entries, which only deal with one debit and one credit, compound entries … The examples further down this page represent the typical types of transactions that most small businesses carry out. The result is that at any point of time, company’s accounting remains in balance. In certain types of business transactions, it is a requirement for the customer to pay a part of the total amount or the entire sum in advance, for example – security deposit to rent a property, customized items, bulk orders, insurance premium, etc. The accounts to be credited are indented. 90 paid up, decided to redeem preference shares at a premium of Rs.10 per share .The company’s balance sheet as on 31-3-2013 showed a general reserve of Rs.28,00,000.The redemption was effected partly out of the proceeds of a new issue of 12,000 equity shares of Rs.100 each at a premium of Rs.35 per share .The premium payable on the redemption was met out of the premium received on the new issue . On April 3 $110 was paid to the power supply company for power connection. These shares may either … The City Express was paid for an advert placed in their paper on April 1 for a shop assistant. 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