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A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
Original Issue Discount (OID) is a type of interest that is not payable as it accrues. OID is normally created when a debt , usually a bond , is issued at a discount . In effect, selling a bond at a discount converts stated principal into a return on investment, or interest.
Folio Number: Every page of a journal is numbered. This number is known as a folio number. [5] The folio number is used as a cross reference between the journal and the ledger accounts. The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices.
"The Bidding" is a song by American rock band Tally Hall. It was released on October 24, 2005 as track 5 of Marvin's Marvelous Mechanical Museum.The song was written by Joe Hawley with vocals led by Hawley, Rob Cantor, and Zubin Sedghi.
The modern double entry system was likely a direct precursor of the first European adaptation many centuries later. [4] The first known use of the terms "debit" and "credit" occurred in the Venetian Luca Pacioli's 1494 work, Summa de Arithmetica, Geometria, Proportioni et Proportionalita (A Summary of Arithmetic, Geometry, Proportions and Proportionality).
It is the reference point for accounts payable when it comes to paying invoices. [8] In addition, most companies require a second signature on cheques whose amount exceeds a specified threshold. Accounts payable personnel must watch for fraudulent invoices. In the absence of a purchase order system, the first line of defense is the approving ...
In finance, a purchase discount is an offer from the supplier to the purchaser, to reduce the payment amount if the payment is made within a certain period of time. For example, a purchaser bought a $100 item, with a purchase discount term 3/10, net 30. If he pays within 10 days, he will only need to pay $97.