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How to make a journal entry what goes under debits and what goes under credits?
Interest on all notes was collected on May1. The rate is 12% per year. The accounting system provides for cash collections of interest to be credited first to existing accrued interest receivable carried over from the preceding period. The accrued interest receivable debited in the preceding...
Credit card receipts used to be credited to my bank account and my entry would be - Debit (Bank Account) and Credit (Sales Income). Now my credit card company who is also a vendor of mine is only crediting a portion of the sales to my bank account and the is applied to monies due them.
How do I make journal entry? :) Invested in the business painting equipment valued at $12,300 and placed in a business checking account.
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