On this bank statement, company need to enter rectification journal entry. But if bank still did not receive the money from customer and process will take time. Recently, you have withdrawn $ 5000ĥth Example : Some company cheques from customers and deposit in the banks and sometime, company enter as deposit in bank. At that time, your deposited money will decrease. For example Bank has deducted annual ATM Charges $ 10.Ĥth Example : Sometime, you withdraw the money. So, you have to credit your bank account.
At that time, your total deposited money will decrease. Its journal entry will beģrd Example : Sometime, bank will deduct your bank ATM Card charges. For example, you have deposited $ 20,000. At that time, your bank account will increase. So, this deposit will be your asset.Ģnd Example : Sometime You deposit your own cash. So, this is deposit and you have to enter with following journal entry. With following few examples, you can understand the steps to record a deposit as a journal entry.ġst Example : You have sold $ 10,000 product to your Z customer and customer has paid your money in your bank account. Same deposit account should be debited in our books for showing it as asset.
So, for showing their liability, they credited our account with specific amount. Because we are customer of bank but bank has deal us as the creditor. So, when there will be deposit any money in your bank account, it will show the message on your mobile that your bank account has credited with specific account.
Either you or your customers may add money in your bank account. Deposit means any money which will add in your bank account. But before this, you should understand what is deposit. We can easily record deposits in bank through journal entry.
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