Plz tell the journal enties for the following

1.For goods sold by Drawer to Drawee on credit
2.For bill drawn by Drawer & accepted by Drawee
3.For bill sent to "Bank for collection" before the due date
4.For honour of "Endorsed Bill".

Sure, I can help you understand the journal entries for each of these scenarios:

1. For goods sold by Drawer to Drawee on credit:
When goods are sold on credit by the drawer (seller) to the drawee (buyer), the following journal entry is recorded:
Debit: Accounts Receivable (Drawee)
Credit: Sales

This entry recognizes the increase in accounts receivable (amount owed by the drawee) and also records the revenue generated from the sale as a credit in the sales account.

2. For bill drawn by Drawer & accepted by Drawee:
When a bill is drawn by the drawer (seller) and accepted by the drawee (buyer), the following journal entry is made:
Debit: Accounts Receivable (Drawee)
Credit: Bills Payable

In this entry, the accounts receivable account increases, representing the amount owed by the drawee, while the liability for the accepted bill, represented by the bills payable account, is created.

3. For bill sent to "Bank for collection" before the due date:
When a bill is sent to a bank for collection before the due date, the following journal entry is recorded:
Debit: Bills Receivable and Interest (if applicable)
Credit: Accounts Receivable (Drawee)

In this entry, the bill receivable account is debited to recognize the increase in an asset, and if there is interest applicable on the bill, it is also debited. Simultaneously, the drawee's accounts receivable account is credited, reflecting the amount no longer owed to the drawer.

4. For the honor of "Endorsed Bill":
When an endorsed bill is honored (paid) by the drawee (acceptor), the following journal entry is made:
Debit: Bills Payable
Credit: Cash/Bank

In this entry, the bills payable account is debited to reduce the liability for the bill, while the cash or bank account is credited, representing the amount received as payment.

These journal entries help in recording the transactions and maintaining accurate financial records.