Question

Explain the journal entries of bills receivable , payable , bills sent for collection ? Also explain with the 3 golden rules rules of accounting

Answer 1

Journal entry for bills receivable... Bills Receivable A/c. Dr. To Debtors A/c Journal entry for Bills Payable... Creditors A/c. Dr. To Bills Payable A/c. 3 golden rules for accounting are... A. Debit what comes in,credit what goes out. B.Debit the receiver,credit the giver. C.Debit all expenses and losess,credit all incomes and profits.