![]() Related Questions Should the Cash Discounts GL hit the Balance Sheet in SAP from US concept. If yes then why? Or If No, they why?Please explain how the entry flows and also how would you clear the Open item in cash discount GL and analyse the reason for the same. Read Answers (1) | Asked by : John Mathew Latest Answer : Adjusting entries are not "correcting entries." By textbook definition, they are periodic entries made to satisfy the revenue recognition principle and matching principle. They never involve the cash accounts, and must involve one income statment ... Latest Answer : Double entry book keeping system was first mentioned by "Luca De Bargo Pacioli" in his book Summa de arithmetica in 1494.He was a classmate of Leonardo Da Vinci. The book Summa De Arithmetica was basically about maths and arithmatics. But double entry ... Latest Answer : Debit to an EXPENSE ACCOUNT Credit to PROVISION ACCOUNTFROM: LEO OMAMALIN ... Read Answers (3) | Asked by : vijay Who invented double entry system? Latest Answer : It is not really known but the one who is credited for the same is LUCA DE BARGO PACIOLIhe was calss mate of Leonardo da Vinci.book Summa de arithmetica in 1494 was wrote by himThis book mentions double entry book keeping system as one of the methods ... Read Answers (1) | Asked by : Raj Kumar Latest Answer : Salary A/C drTo TDS payable A/CTo EPF payable A/CTo ESI payable A/C ... Read Answers (1) | Asked by : Sajith How to make a VAT entry in books including setoff? Latest Answer : 1. Purchases Accounts Payable xxx VAT Input ... What is the journal entry for cancelling a cheque? Latest Answer : If we issue a cheque we would have passed an entry (debit the receiver/firm & credit the bank) that entry should be reversed (debit bank & credit the firm). ... An audit trail allows an individual to track a transaction from the journal entry to the general ledger through to the financial statements. The audit trail can also find all the transactions that comprise
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