
<p class="wp-block-paragraph"> Hello Dear CA Students,</p>



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<p class="wp-block-paragraph"><em>We are Sharing With You <strong>&#8220;Essential Journal Entries for Accurate Financial Accounting&#8221;</strong> . So kindly Check Out our www.castudynotes.com website and ALL the Best for Your upcoming Exams.</em></p>
<cite>CA STUDY NOTES</cite></blockquote>


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<p class="wp-block-paragraph">These key journal entries provide a comprehensive guide for common financial transactions. Each one serves a specific purpose in maintaining accurate and transparent financial records, essential for internal management and external reporting. </p>



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<h2 class="wp-block-heading"><strong>Key Journal Entries-</strong></h2>



<p class="wp-block-paragraph"><br><br><strong>Accrued Revenue</strong><br>When earned but not yet received:<br>Dr: Accounts Receivable<br>Cr: Revenue<br>When received:<br>Dr: Bank<br>Cr: Accounts Receivable<br><br><strong>Accrued Expenses</strong><br>When owed but not yet paid:<br>Dr: Expense (e.g., Wages Expense)<br>Cr: Accrued Expense<br>When paid:<br>Dr: Accrued Expense<br>Cr: Bank<br><br><strong>Prepaid Expense</strong><br>When paid in advance (e.g., insurance):<br>Dr: Prepaid Expense<br>Cr: Bank<br>When used:<br>Dr: Expense<br>Cr: Prepaid Expense<br><br><strong>Depreciation</strong><br>To record asset depreciation:<br>Dr: Depreciation Expense<br>Cr: Accumulated Depreciation<br><br><strong>Bad Debt Expense</strong><br>To recognize expected uncollectible amounts:<br>Dr: Bad Debt Expense<br>Cr: Allowance for Doubtful Accounts<br><br><strong>Inventory Purchase on Credit</strong><br>To record inventory acquired on credit:<br>Dr: Inventory<br>Cr: Accounts Payable<br><br><strong>Inventory Sale</strong><br>To record sales revenue:<br>Dr: Bank<br>Cr: Revenue<br>To record the cost of goods sold (COGS):<br>Dr: Cost of Goods Sold<br>Cr: Inventory<br><br><strong>Payroll Entry</strong><br>When wages are due:<br>Dr: Payroll Expense<br>Cr: Wages Payable<br>When wages are paid:<br>Dr: Wages Payable<br>Cr: Bank<br><br><strong>Interest Expense</strong><br>When interest accrues on a loan:<br>Dr: Interest Expense<br>Cr: Interest Payable<br>When interest is paid:<br>Dr: Interest Payable<br>Cr: Bank<br><br><strong>Sales Tax Payable</strong><br>To record collected sales tax:<br>Dr: Bank<br>Cr: Sales Revenue<br>Cr: Sales Tax Payable<br><br><strong>Advance from Customers (Unearned Revenue)</strong><br>When payment is received in advance:<br>Dr: Bank<br>Cr: Unearned Revenue<br></p>



<p class="wp-block-paragraph"><strong>When revenue is earned:</strong><br>Dr: Unearned Revenue<br>Cr: Revenue<br></p>



<p class="wp-block-paragraph"><strong>Loan Payment</strong><br>To record loan repayment:<br>Dr: Loan Payable<br>Cr: Bank<br><br><strong>Tax Payment</strong><br>To record tax payments:<br>Dr: Income Tax Expense<br>Cr: Bank<br></p>



<p class="wp-block-paragraph"><strong>Vendor Payment</strong><br>When paying suppliers:<br>Dr: Accounts Payable<br>Cr: Bank<br></p>



<p class="wp-block-paragraph"><strong>Currency Exchange Adjustment</strong><br>When exchange rates fluctuate:<br>Dr: Foreign Exchange Loss<br>Cr: Foreign Exchange Gain<br><br><strong>Dividends Declared</strong><br>When dividends are announced:<br>Dr: Retained Earnings<br>Cr: Dividends Payable<br></p>



<p class="wp-block-paragraph"><strong>Payment of Dividends</strong><br>When dividends are paid:<br>Dr: Dividends Payable<br>Cr: Bank<br><br><strong>Loan Interest Paid</strong><br>To record loan interest payments:<br>Dr: Interest Expense<br>Cr: Bank<br><br><strong>Amortization of Intangible Assets</strong><br>To write off intangible assets (e.g., patents):<br>Dr: Amortization Expense<br>Cr: Accumulated Amortization<br><br><strong>Write-off of Uncollectible Accounts (Bad Debt)</strong><br>To remove uncollectible amounts:<br>Dr: Allowance for Doubtful Accounts<br>Cr: Accounts Receivable</p>



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