Question

Journal entry for bank charges paid

Answer 1

Answer:

journal entry for the above transaction is

Bank charges a/c Dr.

to cash a/c

(being bank charges paid)

Explanation:

Bank charges are expenses so they are debited and cash a/c is credited because it reduces cash balance or we can say decrease in assets are loss for the firm and cash is a current asset.

i hope it will help you..

Answer 2

Journal entry for bank charges paid-

1. The journal entry for bank charges paid will be -

   Bank charges account  Debit

   To Bank account

( being bank charges paid)

2. The bank charges are considered to be an expense so it is debited.  Bank charges include the allowance for the services offered by the banks and customers have to pay the same for rendering services. The bank account is credited because there is a depletion in the total balance.