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![]() Related Questions Should the Cash Discounts GL hit the Balance Sheet as per US accounting concept? If yes, then why and if No, then why? Please explain the entry flow and also how you would clear the open item lying the Cash discounts GL and what would be your analyses for the open line item? Latest Answer : Adjusting entry need every end of month & end of year because The match priciple of accounting, that means expense have to match revenue,means the expenses or revenue has been occur but have not record need to be adjusted.Like wages accrual ... View Question | Asked by : sangeetha Latest Answer : Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping. ... Read Answers (2) | Asked by : chethana If we availing service tax credit , what is the journal entry we have to pass when we receives the bill & what is the payment entry we have to pass if we make a payment Latest Answer : When we are making a payment for services which include service tax, Then entry will be 1. Paid to Port trust for haulage, tipping, sidding etc charges including Service Tax ... Every increase in expenditure & assets will be a debit, every decrease in expenditure & assets will be a credit - Put a journal entry and show a puchase transaction. Latest Answer : In general Accounting scenario:Purchases a/c....Dr To Cash/Creditors a/c(on making cash or credit Purchases)On paying salariesSalary a/c....Dr To Cash/Bank a/cOn Reduction of liability that is on paying the creditorsCreditors ...
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