I am closing a small bank account and putting the remaining $$ in the general cash account. What is the credit side of this entry?
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I am closing a small bank account and putting the remaining $$ in the general cash account. What is the credit side of this entry?
What do you normally do when you deposit your cash into the bank?
Dr. Bank Account – Small Bank Account 100
Cr. Cash 100
Let's say that is what you do, then what you need to do now is:
Dr. Cash 100
Cr. Bank Account – Small Bank Account 100
Dr. Bank Account – General One 100
Cr. Cash 100
So in net, you just need to:
Dr. Bank Account – General One 100
Cr. Bank Account – Small Bank Account 100
If you just call it all cash, then no JE is needed, and just make a note to the amendments of where all your cash is spread out over.
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