Question
In: Accounting
what is compound entry? Give an example. Explain in 100-150 words
what is compound entry? Give an example. Explain in 100-150 words
Solutions
Expert Solution
Answer :
Compound Entry Which means -
A compound Journal Entry is a bookkeeping Entry which impacts in excess of two Account heads. A Simple journal entry has one Debit and one credit while a compound Journal Entry incorporates at least one Debit and additionally credits than a Simple Journal Entry. A compound Journal entry may combine two or more debits and a credit, or a debit and two or more credits, or two or more of both debits and credits.
A compound entry is basically a combination of two or more journal entries however as opposed to recording various Simple journal entries it is smarter Way to record Journal entries of single bookkeeping occasion as a compound entry since it spares time and keeps related Debits and credits in a single place.
Example for Compound Entry -
On Jan 1, 2015 Company AB purchased a Machine costing $1,000 to a supplier and issued a check of $3,400 .The excess amount fully settles a previous amount owned by the company to the supplier.
Compound Entry Will be :
ekkarill92 answered 7 months agoRelated Solutions
Topic = Strategy defination (100 words ) explain (150 words ) and give two examples (...
Topic = Marketing enviornment defination (100 words ) explain (150 words ) and give two examples...
Topic = qualitative research defination (100 words ) explain (150 words ) and give two examples...
a. Explain straight-line depreciation and give an example of an entry. b. What are the entries...
What can financial reports be used for? (100–150 words)
What role does effective interpersonal communication play within organizations? Give an example. 150-200 words
1.b Explain straight-line depreciation and give an example of an entry. 1.a What is amortization and...
what kinds of information does the accounts receivable turnover ratio provide? Explain in 100-150 words.
What is a profit and loss statement? What does it provide? (100–150 words)
In about 150 words, discuss the challenging goals and give example from the real business world.
- integrating into pratice multiple losses excicise
- Cousin Billy now enters the room and is fit to be tied because he must testify...
- The following information relates to R-U Ready Company, a publicly traded company: R. U. Ready acquired...
- Describe how a human resource manager can use goal setting, encouraging creativity, and recognition to improve...
- In EXCEL: The motion picture industry is a competitive business. More than 60 studios produce a...
- select any two (2) short-essay topics from the list below. 1. How are information systems transforming...
- Three liquid mixtures, with compositions listed in the table are mixed to produce a single mixture....