Question

Journal Entry Shyam’s bill was paid

Answer 1

Answer:

70,000

Explanation:

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Answer 2

Answer:

Electricity Bill Account (Debit) xxx

   To Bank/Cash Account (Credit)  xxx

(Being electricity bill paid for xxx amount)

Explanation:

Journal Entry:

• The act of maintaining or creating records of any transactions, whether they are financial or not, is known as a journal entry.
• An accounting diary that displays the debit and credit balances of a corporation lists transactions.
• Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
• The amount of the debits and credits must be equal in order for the journal entry to be declared balanced.
• Depreciation or bond amortization are examples of recurring items that can be recorded in journal entries.
• Accounts payable normally has its own sub-ledger that indirectly impacts the general ledger, and journal entries are frequently filed using a different module in accounting software.
• As a result, general ledger account balances are changed immediately by journal entries.
• As a result, general ledger account balances are changed immediately by journal entries.
• The correct date, amount(s) to be debited, amount to be credited, description of the transaction, and specific reference number are all parts of a correctly formatted journal entry (i.e. check number).

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