Question

purchased a computer and paid by cheque journal entry

Answer 1

Concept:

The answer to this question is Computer A/c is debited from Bank A/c.

Given:

It is given that Computer was purchased and paid by cheque and we need to find the journal entry.

Find:

We need to find a journal entry.

Solution:

Particulars    Debit Amount Credit Amount

Assets/Computer A/c- Dr.   XX

To Bank A/c.       XX

(Being computer purchased through cheque)

• The computer is an asset so whenever assets are purchased it is written specifically Asset name A/c-Dr
• Whereas when goods are purchased, it is written as Purchase A/c-Dr
• Computer purchased so, it has to be debited and it purchased by cheque amount is paid so, it has to be credited.

• A debit reduces obligation, revenue, or equity accounts while increasing asset or expense accounts. An entry's credit is always placed to the right of the entry. It diminishes asset or expenditure accounts while increasing liability, revenue, or equity accounts.
• Acquisition: Fixed asset purchase accounting. Debit the asset account for the cost of the fixed asset and credit the cash account for the same sum to reflect the purchase.

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Answer 2

Answer:

computer A/c Dr

To Bank A/c