General Ledger Accounting Software

Posts Tagged ‘record’

If I write a check for $25,000 from my personal checking account and put the monies into my sole proprietorship, how do I record this in my business’s G/L account? What accounts are affected? What gets debited and credited?

I need to know how would you record a security deposit received from a customer? Would it be recorded the following way:

Dr. cash
Cr. liability- security deposit

I had an insurance claim for a lightening strike. The expenses were put to an insurance receivable, minus $500 which was the amount of the deductible. I recorded it as an expense. When I received the insurance check I credited the receivable. Is this the correct way to record the $500 deductible?

quite simply, I have a business, I opened another one, and the first one will be closing it’s doors in a few weeeks. All the money left over from the first one will be transferred to the checking account of the new one? What is the most (legally and financially) correct way of recording this in my accounting software (Quickbooks 2007).

Thanks

I know that I will debit COS and credit inventory just like a sale but won’t I also want to record a donation expense? If I have a donation expense (debit) what will the credit be?

Sales totaled $20,000 ($5,000 for cash and $15,000 for credit). The cost of merchandise sold was $10,000. How would I record this in my general ledger and how would I balance out the credit and debit?