0
Do most businesses remove Bad Debt expense from their books at the end of the fiscal calendar year?
Wiki User
∙ 12y ago
yes
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Do most businesses periodically remove bad accounts from their books?
True
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
If you expense the wrong account how can you undo it?
The best way to do that is to make an adjust entry noting the error and why the correction is being made. For example, if I paid Rent for 500 and say I made this journal entry.Insurance Expense (debit) 500Cash (credit) 500I would adjust the entry by making this adjusting entry or something similarRent Expense (debit) 500Insurance Expense (credit) 500to remove the payment of rent that was inadvertently recorded as insurance expense and correct the rent expense account.
IS IT TRUE OR FALSE THAT Most businesses periodically remove bad accounts from their books?
false
What are the accounting journal entries to record a prepaid expense?
Dr. Prepaid expence (balance sheet) Cr. Expense (income statement) e.g. you have already paid $1200 insurance, but at year end still have six months to go until you have to renew your premium. You would have expensed the full $1200 - now you need to remove the unused (prepaid) portion. Dr. Prepaid expense $600 Cr. Insurance $600
Most businesses remove Bad Debt expense from their books at the end of the fiscal calendar year?
yes
Do most businesses remove bad debt expenses from their books at the end of the fiscal calendar year?
yes
Do most businesses remove bad debts expense is from your book at the end of the year?
Yes, most businesses remove bad debts expenses from their financial books at the end of the year.
How do you remove Google calendar in mac?
From the Google calendar's Settings there is a link to Delete your calendar.
What is your Julian calendar birthday?
The Julian calendar was superseded by the Gregorian calendar in 1582, when 11 days were removed. Simply remove 11 days from your birthday to give you and approximate date.
Which year did the church remove StValentines day from its official calendar?
1969
Do most businesses periodically remove bad accounts from their books?
True
How much time was remove from the Romans calendar?
The calendar you are referring to is the Julian calendar, which was introduced by Julius Caesar. The Gregorian calendar, introduced by Gregory XIII in 1582, shortened the day by 10 minutes and 48 seconds. It also dropped 10 days from the years 325 to 1582.
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
If you expense the wrong account how can you undo it?
The best way to do that is to make an adjust entry noting the error and why the correction is being made. For example, if I paid Rent for 500 and say I made this journal entry.Insurance Expense (debit) 500Cash (credit) 500I would adjust the entry by making this adjusting entry or something similarRent Expense (debit) 500Insurance Expense (credit) 500to remove the payment of rent that was inadvertently recorded as insurance expense and correct the rent expense account.
Journal entry to record an accrued vacation expense?
Though I have never heard the term "accrued vacation expense" nor have I ever heard of a "vacation" being a business expense, however, the journal entry would be handled like most "payables". So if your company uses the account of Accrued Vacation Expense, the journal entry should be something like....Vacation Expense (debit) $XXXAccrued Vacation Expense (credit) $XXXOnce the amount is paid, a debit would be recorded in the Accrued Vacation Expense account and a credit to Cash, to remove it from the books and note that the debt (or expense) has been met.
IS IT TRUE OR FALSE THAT Most businesses periodically remove bad accounts from their books?
false
