Petty Cash Replenishment

When a business maintains an imprest system of petty cash it is necessary to replenish the fund at the end of an accounting period. A journal entry is used to record the petty cash expenditure incurred during the period and to reflect the cash used for replenishment.

Petty Cash Replenishment September 28th, 2017Team
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Reimbursed Employee Expenses Journal

Accounting for reimbursed expenses requires two journal entries, the first is to record the expense and the liability to the employee, the second is to record the payment to the employee to clear the liability.

Reimbursed Employee Expenses Journal July 18th, 2017Team
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Cash Over Journal Entry

A cash register reconciliation carried out by a retail business shows a cash overage arising from the difference between the cash receipts counted on the register and the sales recorded on the cash register tape.

Cash Over Journal Entry May 2nd, 2017Team
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Cash Shortage Journal Entry

A cash register reconciliation carried out by a retail business shows a cash shortage arising from the difference between the cash receipts counted on the register and the sales recorded on the cash register tape.

Cash Shortage Journal Entry April 26th, 2017Team
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Rent Deposit Accounting Journal Entry

A rental deposit is paid by a business to a landlord when renting premises. The deposit is refundable but is held by the landlord as security in the event that the business has caused damage to the property or has rent outstanding when the property is vacated.

Rent Deposit Accounting Journal Entry April 13th, 2017Team
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Contra Entry Journal

A business has a balance due from a customer on its accounts receivable ledger, but also owes the customers business an amount on its accounts payable ledger for goods supplied. A contra entry is used to offset the two amounts, leaving a net amount outstanding to the customer.

Contra Entry Journal November 6th, 2016Team
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Vacation Accrual Journal Entry

Vacation entitlement which has been earned by an employee but has not been taken by the end of the accounting period, represents a liability to the business. The liability is recorded using a vacation accrual journal entry.

Vacation Accrual Journal Entry September 20th, 2017Team
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Consumable Supplies Expense Recorded

Following a physical count, a business has consumable supplies on hand of 350. The accounting records before adjustment show supplies on hand of 500, and an adjusting entry is needed to record the amount of supplies used for the period.

Consumable Supplies Expense Recorded November 6th, 2016Team
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Accrued Income Tax

A business has an estimated annual income tax expense of 14,000 due of profits for the accounting period. A demand for the amount has not yet been received from the tax authorities, and the expense has not been recorded in the accounting records. An accrued income tax adjusting entry is made in the accounting records.

Accrued Income Tax November 6th, 2016Team
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Fixed Deposit Journal Entry

A business uses term deposits to earn interest on surplus cash, and records a fixed deposit journal entry to reflect the transfer of cash from its current account to a fixed deposit account.

Fixed Deposit Journal Entry November 6th, 2016Team
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