Notice that the word “inventory” is physically on the left of the journal entry and the words “accounts payable” are indented to the right. This positioning clearly shows which account is debited and which is credited. In the same way, the $2,000 numerical amount added to the inventory total appears on the left (debit) side whereas the $2,000 change in accounts payable is clearly on the right (credit) side. Preparing journal entries is obviously a mechanical process but one that is fundamental to the gathering of information for financial reporting purposes. Any person familiar with accounting procedures could easily “read” the above entry: based on the debit and credit, both inventory and accounts payable have gone up so a purchase of merchandise for $2,000 on credit is indicated. Interestingly, with translation of the words, a Venetian merchant from the later part of the fifteenth century would be capable of understanding the information captured by this journal entry even if prepared by a modern company as large as Xeror. Question: As a second example, the Lawndale Company pays its employees their regular salary of $300 for work performed during the past week. If no entry has been recorded previously, what journal entry is appropriate when a salary payment is made?
cash loan Elsmere
cash priority loan servicing
payday loan wichita kansas
cash loan stores dallas tx
loans for bad credit with monthly payments
online bad credit loans
installment loans no credit check
payday loans wilmington north carolina
quick loan quote
payday loan industry
reliable payday loans
cash loan template
payday loans dallas tx 75237
cash loans columbus ohio
ohio loan
payday loan ogden utah
fast loan no guarantor
cash loan Wasilla
cash loan payday quick utah money
emergency payday loans online
apply for online loans
cash 1 loans phoenix az
usa payday loan quincy il
no credit check appliances
payday loans monmouth oregon
second chance payday loans direct lenders
cash loans in san antonio tx
urgent payday loans
online personal loans in massachusetts
Because no entry has yet been made, neither the $300 salary expense nor the related salary payable already exists in the accounting records. Apparently, the $1,000 salary expense appearing in the above trial balance reflects earlier payments made during the period by the company to its employees. Payment is made here for past work so this cost represents an expense rather than an asset. Thus, the balance recorded as salary expense goes up by this amount while cash decreases. Increasing an expense is always shown by means of a debit; decreasing an asset is reflected through a credit.
loans in houston tx
quick $800 loan
cash loan Camden
payday loan phoenix arizona
installment loan lenders
fast cash christmas loans
cash title loans dallas tx
payday loans painesville ohio
cash loan Midwest City
american loans
fast cash henderson nv
payday loans online same day
cash loan places in san antonio
payday loans ashland kentucky
payday loans las vegas nv
online payday loans utah
payday loans maryland direct lenders
interest free loan
consumer loans for bad credit
payday loans in virginia no credit check
quick loan 3000



Payday Loans

© 2015 All rights reserved.

Make a free websiteWebnode