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debit food expenses / meals and entertainment
credit cash / bank
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You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?
Credit Food Inventory
Expenses for restaurant business?
Typical expenses incurred by a restaurant are, Labor, Food & beverage, paper products, dishware, cookware, utinsels, cleaning products, repair and maintenance, courier charges, advertising and marketing, legal counsel (for when customers sue you), and utilities.
What are expences?
Expenses are things that cost a person money on a regular basis. Some examples of expenses are, electric bill, car payment, clothes, and food.
What is the difference between fixed expenses and flexible expenses?
A fixed expense is an expense that will cost you the same month by month. Such as rent, mortgage, car payment, student loans, ect. Flexible expense, refers to expenses that vary month by month, like your gas, phone, and electric bill. Flexible expenses may also include money budgeted for clothes,food, entertainment, and savings. Things that may not cost you the same month to month. It's important to know the difference so you can budget accordingly. Source: http://answers.yahoo.com/question/index?qid=20071101143515AABFl80
What is allowable and disallowable income and expenses?
Before preparing the statement of accounts for your business, you need to know what are the allowable and disallowable business expenses for tax purposes.Allowable Business ExpensesAllowable business expenses are expenses that you can claim as deduction against your business income to arrive at your adjusted profit.General rule for claiming expensesYou can generally claim a deduction against your business income for expenses that you incur wholly and exclusively to earn your business income.There are some basic rules:The expense must be related to your business - you must be able to show why you needed to spend the money to earn the income.Expenses that are capital in nature cannot be claimed.Expenses that are personal and privatein nature cannot be claimed.Proper and complete records and source documents should be kept for at least 5 years to substantiate your purchases and expenses.For more information, you may wish to refer to the Starter Guide for the Self-Employed (194KB)Examples of Allowable Business Expenses Staff costs Employees' salary, bonus, allowancesCompulsory CPF contributions by employerRetrenchment benefitsInsurance for employeesEmployees' medical expenses up to 1% of their total remuneration (up to 2% if you as the employer are implementing either the Portable Medical Benefits Scheme or the Transferable Medical Insurance Scheme, has provided employees with portable medical shield plans or made ad hoc Medisave contributions for employees). Total remuneration includes employees' salaries, allowances, bonuses and allowable CPF contributions. Employee's remuneration excludes sole-proprietor and partner's salary, bonus, allowances, Medisave and CPF contributions as well as foreign workers levy.Running costs Rent, utility, and telephone charges for the businessStationery and postage feesAdvertising costsUpkeep of business premises, equipment, and machineryUpkeep of motor vehicles such as motorcycles, pick-ups, vans, buses and lorriesCost of travelling on public transport in the course of businessRepairs and maintenance of assets used for businessTrade debts which become bad and irrecoverable during the accounting yearBusiness licence renewal feeCapital allowances on fixed assets purchased for business useQualifying expenditure incurred on renovation or refurbishment worksResearch and Development expenditureFinance and professional costs Interest on money borrowed for use in businessHire purchase interestAccountancy feesLegal fees incurred in recovering trade debts, renewal of leasesProductivity and Innovation Credit NEW!Productivity and Innovation CreditLand Intensification AllowanceNEW!Land Intensification AllowanceBack to TopDisallowable Business ExpensesExamples of Disallowable Business Expenses Staff Costs Employees' medical expenses exceeding 1% of their total remuneration (2% if you as the employer are implementing either the Portable Medical Benefits Scheme or the Transferable Medical Insurance Scheme, has provided employees with portable medical shield plans or made ad hoc Medisave contributions for employees). Total remuneration includes employees' salaries, allowances, bonuses and allowable CPF contributions. Employee's remuneration excludes sole-proprietor and partner's salary, bonus, allowances, Medisave and CPF contributions as well as foreign workers levy).CPF contribution for your employees above the statutory limitYour own salary, bonus, allowances, and Medisave/CPF contributionsYour own personal drawings, medical fees, income tax, insurance, and donationsPrivate expenses Food, household and entertainment expenses for yourself, family members, and friendsCost of travelling to and from your homeInsurance premiums for policies taken on the sole-proprietor's lifeClub subscriptions and entrance fees paid for the sole-proprietor's membershipMedical expenses incurred on the sole-proprietorSole-proprietor's personal income taxTravelling expenses for personal tripsPrivate Hire Cars/Private Cars ExpensesExpenses incurred directly or in the form of reimbursement on using private hire cars or private cars (E, Q or S-plate cars). Examples: repair, maintenance, parking fees, petrol costsThese expenses are not deductible even if the private cars were used for business purposesRemuneration paid to related parties Remuneration paid to the sole-proprietor / partner's related parties such as his parents, spouse, children and siblings who are not working in the business.Excessive salary, bonus and commission paid to the sole-proprietor / partner's related parties that are not in line with market rate (not arm's length). Payments made to the related parties should commensurate with the actual services performed by them (reasonable as compared to an independent employee with the same qualification and experience performing the same services).Capital Expenses Business start-up expenses such as licence fee, registration fee, signboard feePurchase of fixed assetsDepreciation of fixed assets (Claim capital allowances)Renovation costs (except for qualifying expenditure which can be claimed under Section 14Q deduction)Capital contributions or withdrawalsLegal fees and stamp duty on new lease agreementOther Disallowable Expenses Repayment of loansInterest on loans obtained for private useFines and penaltiesPrayer expenses
What journal entry is needed to debit for food sales?
Debit accounts receivable / cashCredit food sales revenue
According to the rules of etiquette what does it mean to go dutch?
It means each person pays for his/her own food and drink or tickets or whatever other expenses are incurred.
You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?
Credit Food Inventory
Expenses for restaurant business?
Typical expenses incurred by a restaurant are, Labor, Food & beverage, paper products, dishware, cookware, utinsels, cleaning products, repair and maintenance, courier charges, advertising and marketing, legal counsel (for when customers sue you), and utilities.
When was Journal of Food Science created?
Journal of Food Science was created in 1936.
When was The Journal of Food Science Education created?
The Journal of Food Science Education was created in 2002.
need food stamps,housing moving expenses.?
requeire assistanfecenfed for food samps and moving expenses.
What other living expenses are there other than rent and food?
The living expenses varies between persons. Typically some other living expenses other than rent and food are electricity, gas and water and sewer expenses.
What is the biggest expenses with a large family?
food
What are the average food expenses in Canada?
The average food expenses in Canada amount to about $22 for daily meals. There are other options which are cheaper but may not be sufficient.
What causes the release of gastric juice during the gastric phase?
Entry of food into the stomach and distension of the stomach
Define maintenance and other operating expenses?
Operating Expenses are expenses that are incurred while running a business. Maintenance Expense could be considered anything from the cost of maintaining a company vehicle to repairs made on a building or some other type of "maintenance" that is require by the business in order to function at 100%. Many expenses have their own account such as, Utilities Expense, Rent Expense, Insurance Expense, Interest Expense, Supply Expense, just to name a few. Other expense may not have a specific account in which to be recorded, such as Travel Expense, Food Expense (perhaps to entertain a possible client), these expense are often listed under "Other Expenses".
