On 15.08.2021, an advance payment of 12.000 TL was made from the bank account of the enterprise to the account of the seller enterprise for the purpose of purchasing a fixture on 15.08.2021. Show the journal entry that our business should make accordingly.
On 15.08.2021, an advance payment of 12.000 TL was made from the bank account of the enterprise to the account of the seller enterprise for the purpose of purchasing a fixture on 15.08.2021. Show the journal entry that our business should make accordingly.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
4.)
On 15.08.2021, an advance payment of 12.000 TL was made from the bank account of the enterprise to the account of the seller enterprise for the purpose of purchasing a fixture on 15.08.2021. Show the
Expert Solution
Step 1
Journal Entry
The basic process accounting work is to provide the required journal entries to the books of accounts of the firm. While making the journal entry debit all expenses related items and credit all income related items as well. Journal entry was the basic process of accounting work in the organisation as well.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education