How do you know which transaction to put under an account? I haven't mastered that yet and I have a teacher who hasn't taught anything, but expects me to know this. Is there any logic to finding out what transactions go under which accounts?
Ex; Received cash from fees earned for managing rental property, $4500. Which accounts get effected? And how do I figure out this for other transactions?|||You had earnings.
You were paid in cash.
dr cash 4,500.
cr fees earned 4,500. (managing rental property)
There's a lot more to learn.
There are asset"s, liability's, capital, revenue, and expenses.
Look up these classifications and what accounts are associated with each class and their normal balances.|||If the names of the accounts are not provided, then you must make them up as accurate as you can
So the accounts would be
Cash
Rental Property
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment