NettetLoss on sale of assets journal entry to record sale of land Example 4: Journal entry for sale of assets (Equipment) Assume that on January 31, Onyx Group of companies sells one of its equipment that is no longer in use for $3,000. Let’s say, depreciation was last recorded on December 31 and the depreciation expense is $400 per month. NettetThe double entry to be recorded by the company is: 1) a debit of $30,000 to the company's current asset account Cash for the amount that the bank deposited into the company's …

Accounting for the Paycheck Protection Program (PPP) Proceeds …

Nettet30. sep. 2024 · The cash book is a chronological record of the receipts and payments transactions for a business. The cash book is updated from original accounting source documents, and is therefore a book of prime … NettetIssue of ordinary shares is accounted for by allocating the proceeds between the following accounts: Share Capital Account. To account for the proceeds from the issue of shares up to their nominal value (face value). Share Premium Account. To account for the proceeds from the issue of shares over and above their nominal value (face value). exterior wood white paint

Loan Journal Entry Examples for 15 Different Loan Transactions

NettetThe ten accounting bank reconciliation journal entries are: 1. Unrecorded interest income from a bank statement balance A deposit usually earns an interest income by saving money in a bank for a month, a year, or more than a year. NettetAccounting for Discounted Note Receivable. Step 1: Calculate the maturity value: it is the amount which the company expects to collect from the borrower. It includes both principal and interest. This is the amount that the bank expects to receive on the maturity date. Step 2: calculate discount: we can calculate by using the above formula. Nettet1. des. 2024 · Under the Other column, choose Journal Entry. For the first line under the Account column, select your new liability account. Enter the amount of the loan you’re … exteris bayer