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Subject Topic: journal entries in test. (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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happy3001
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Joined: 14 Nov 2010
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Posts: 47
Posted: 28 Oct 2011 at 17:26 | IP Logged  

As we know there are some Journal entries questions in simulation, do we need to put all the debts first and all the Cr's following. Or one dr, one cr. For example,

DR: Appropriations

DR: Estimated transfers to other funds 

DR: Budgetary fund balance (positive)

      CR: Estimated revenue control
      CR: Estimated transfers from other funds
      CR:  Budgetary fund balance (negative)


or like this way

dr: Expenditure $XXX
     cr: Vouchers payable/cash $XXX

dr: Deferred revenue $XXX
     cr: Revenue $XXX

Some one can help me? Thanks a lot.

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chatterr
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Joined: 17 Nov 2010
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Posts: 67
Posted: 28 Oct 2011 at 17:36 | IP Logged  

I would put all the debits first and then I would put the credits.

Also, for the exam, the order of the debits or credits does not matter.
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