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A sole proprietor has incurred as expense out of his personal accont - what will be the journal entry?
Wiki User
∙ 13y ago
The expense account will be debited and capital will be credited by the same ammount
Wiki User
∙ 13y ago
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What journal entry we make when proprietor paid to creditors from his personal account?
Sundry creditors a/c dr to proprietors personal a/c cr
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
What would the journal entry be if a company incurred an expense?
There may be more than one way to record an expense. The easiest journal to think about is when you've used cash to pay for the expense. In that case, you would debit an expense account and credit cash. But, if you've received the benefit of an expense but have not yet paid for it the debit would still be the expense account but the credit would be a liability account. Of course, there are times when cash flows but no expense is recognized such as investments in property, plant and equipment. After that expenditure is made you would recognize periodic expenses in the form of depreciation. That would be a debit to depreciation expense and a credit to accumulated depreciation.
Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Tax should be recorded in the general journal because it is an expense.
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
In what journal should you list a telephone expense?
This could be one of two Journals, for the most part, a General Journal is where the entry goes, however, many companies choose to use subsidiary journals in order to keep accounts more organized and may set up a Subsidiary Expense Journal, in which case the telephone expense would be listed in that subsidiary journal along with all other expenses and the General Journal would only show a total for all expense accounts while the subsidiary journal would break each expense account down into more detail.So either the General Journal or a Subsidiary Expense Journal (depending on the company)
WHAT IS THE JOURNAL ENTRY FOR SALES DISCOUNTS?
expense
What is the journal entry to reverse an accrued expense?
Payable Account XXX Expense Account XXX
What journal entry accrues interest expense?
DR - Interest Expense CR - Interest Payable
Is a subscription to the Wall Street Journal tax deductible?
In most cases, a subscription to the Wall Street Journal is not tax deductible as a personal expense. However, if you use the subscription for business purposes, such as staying informed on market trends for investing, you may be able to deduct it as a business expense. It's recommended to consult with a tax professional for personalized advice.
What is journal entry of the fuel refilling?
The journal entry for fuel refilling would involve debiting the fuel expense account to recognize the cost of fuel purchased and crediting the cash or accounts payable account to show the payment made or liability incurred. This transaction reflects an increase in expenses and a decrease in cash or an increase in accounts payable.
Are journals a reliable source?
It depends on what kind of journal and what kind of information you need. If it is a personal journal, and you need personal information about someone, then a personal journal is what you need.
