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Paid For Office Furniture Journal Entry

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Paid For Office Furniture Journal Entry. Post the journal entries to T-accounts. Use the following account numbers: Journal Entry for Depreciation Reduction in the value of tangible fixed assets due to normal usage, wear and tear, new technology or unfavourable market conditions is called Depreciation.

NSU EMB 501 Accounting Ch02
NSU EMB 501 Accounting Ch02 (Jessie Ross)
The DEBIT amounts will always equal the CREDIT amounts. Depreciation Journal Entry is the journal entry passed to record the reduction in the value of the fixed assets due to normal wear and tear, normal usage or technological changes, etc. where depreciation account will be debited and the respective fixed asset account will be credited. A basic insurance journal entry is Debit: Insurance Expense, Credit: Bank for payments to an insurance company for business insurance.

A: The journal entry is as follows: Debit Furniture Credit Cash/bank The furniture is an asset.

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Expenses mean the cost of assets or services enjoyed. Pass the Journal entries rectifying the following errors: i. Enter the account number in the Posting Reference column of the journal as you post each amount.

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