The journal entry for the given transaction is
To BP A/c Dr. $12,567
To BP A/c Dr. $17,694
Total amount Cr. $30, 261.
[trust fund and the other items transaction]
Journal entry:
In accounting, the journal entry contains the data significant to a single business transaction, including the date, the amount to be credited and debited, a brief description of the transaction and the accounts affected.
Given,
BP reports that the total amount recognized as a provision during the year was $30,261 million, which includes $12,567 million for items covered by the trust fund and $17,694 million for other items.
Here we need to show the necessary journal entry to account for this transaction.
While we looking into given transaction, we have identified that there are 2 credits and one debit.
The 2 credits are trust fund and the other items transaction. And the debit is the opening balance of the account.
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