Examples Archives | Page 2 of 8 | Double Entry Bookkeeping

Reimbursed Employee Expenses Journal

Accounting for reimbursed expenses requires two journal entries, the first is to record the expense and the liability to the employee, the second is to record the payment to the employee to clear the liability.

Last modified November 12th, 2019 by Michael Brown

November 12, 2019

Cash Over Journal Entry

A cash register reconciliation carried out by a retail business shows a cash overage arising from the difference between the cash receipts counted on the register and the sales recorded on the cash register tape.

Last modified August 8th, 2019 by Michael Brown

August 8, 2019

Cash Shortage Journal Entry

A cash register reconciliation carried out by a retail business shows a cash shortage arising from the difference between the cash receipts counted on the register and the sales recorded on the cash register tape.

Last modified January 17th, 2020 by Michael Brown

January 17, 2020

Rent Deposit Accounting Journal Entry

A rental deposit is paid by a business to a landlord when renting premises. The deposit is refundable but is held by the landlord as security in the event that the business has caused damage to the property or has rent outstanding when the property is vacated.

Last modified November 12th, 2019 by Michael Brown

November 12, 2019

payroll advance journal entry accounting equation

Payroll Advance to an Employee Journal Entry

When an employee is given a cash advance to be recovered from future wages, this is recorded as a current asset of the business using a payroll advance journal entry.

Last modified August 8th, 2019 by Michael Brown

August 8, 2019

Contra Entry Journal

A business has a balance due from a customer on its accounts receivable ledger, but also owes the customers business an amount on its accounts payable ledger for goods supplied. A contra entry is used to offset the two amounts, leaving a net amount outstanding to the customer.

Last modified November 12th, 2019 by Michael Brown

November 12, 2019

Vacation Accrual Journal Entry

Vacation entitlement which has been earned by an employee but has not been taken by the end of the accounting period, represents a liability to the business. The liability is recorded using a vacation accrual journal entry.

Last modified November 12th, 2019 by Michael Brown

November 12, 2019

consumable supplies on hand accounting equation

Consumable Supplies Expense

Following a physical count, a business has consumable supplies on hand of 350. The accounting records before adjustment show supplies on hand of 500, and an adjusting entry is needed to record the amount of supplies used for the period.

Last modified March 14th, 2023 by Michael Brown

March 14, 2023

Accrued Income Tax

A business has an estimated annual income tax expense of 14,000 due of profits for the accounting period. A demand for the amount has not yet been received from the tax authorities, and the expense has not been recorded in the accounting records. An accrued income tax adjusting entry is made in the accounting records.

Last modified October 24th, 2019 by Michael Brown

October 24, 2019

Fixed Deposit Journal Entry

A business uses term deposits to earn interest on surplus cash, and records a fixed deposit journal entry to reflect the transfer of cash from its current account to a fixed deposit account.

Last modified January 17th, 2020 by Michael Brown

January 17, 2020

Goods Withdrawn For Personal Use

When the owner of a business withdraws goods for personal use they must be recorded on the drawings account and not as an expenses of the business.

Last modified November 20th, 2019 by Michael Brown

November 20, 2019

Received Utilities Bill

A utilities bill will be recorded as an expense to the business. As the business is given credit by the supplier, the other side of the accounting equation is a liability to the supplier (accounts payable).

Last modified November 20th, 2019 by Michael Brown

November 20, 2019

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