Journal Entry Assignment Answers
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For every commerce student it is entirely a nightmare to complete the journal entries. This is known as the baby steps towards accounting system. The topic is vast and comprises of various entries to be learnt and dealt with. The assignments related to the topic are equally difficult to comprehend as there are various segments where students fumble with the right answers.
With the advent of online homework service providers, we at myhomeworkhelp.com take great pride in dealing with the plight of the students giving them the right solutions through journal entry homework answers.
Interpolation of the topic
The study of the journal entry is the prime most significant accounting concept that a student is made to learn. It is this topic that makes the base of a student strong. As the name suggests, entry to the journal is termed as Journal entry. It helps in keeping accounting transactions in chronological order.
The use of ledger and the importance of it are made to study for the students. While ledger aids in keeping accounting transactions by accounts, account on the other hand is said to be a unit that records the accounting transactions. The lesson is very well grasped with the journal entry assignment answers.
Examples of journal entry
- Suppose, there are goods sold on credit. This is a revenue journal entry.
Therefore,
Accounts receivable a/c …..Dr
To sales
(Being goods sold on credit)
- For instance, when a purchase is made, in this case, the entry would be-
Expense/ Asset a/c ….dr
To account payable a/c
(Being purchase made)
Why do students need journal entry assignment answers?
Suppose there is a problem to be dealt with allowance for doubtful accounts. In this case, the student often is in a dilemma as to whether to adjust a bad debt reserve or debit accounts receivable or credit it. The confusion is badly hit. At the moment such as this, if proper guidance is not received the pupil will only get declining grades.
When collegians get journal entry assignment answers, the same is understood in a manner that, it is the bad debt account that will be debited and the allowance for doubtful accounts will be credited? Unless the bad debts are identified, the entry remains same.
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