Question

journal entry for old newpapers sold​

Answer 1

Answer:

The basic justification for this entry is the simple rule of accounting which states that "debit what comes in and credit what goes out". In this case as the newspapers are getting sold, cash is coming in for that. This indicates that why cash A/C has been debited and old newspapers account has been credited.Sep

Explanation:

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Answer 2

Cash A/C. Dr.

To Old newspapers A/C

(Old newspapers being sold and cash coming in for return)

The basic justification for this entry is the simple rule of accounting which states that "debit what comes in and credit what goes out".

In this case as the newspapers are getting sold, cash is coming in for that. This indicates that why cash A/C has been debited and old newspapers account has been credited.