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How do you create a Journal Accounting entry for Operating expenses paid in cash 4600 and on account 2000?
JedIrwin
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∙ 14y ago
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What is the journal entry to close expense accounts includes?
The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.
What is the basic summary device of accounting?
account or accounting equation
What are the accounting journal entries to record the adjusting entry in a periodic system with an ending inventory of 15000 and a starting inventory of 20000?
Debit inventory expenses 5000Credit inventory account 5000
Are prepaid expenses a nominal account?
Prepaid expenses are the part of nominal account expenses which are not used during the current accounting period. They cannot be charged to profit and loss account as per matching concept. They find place in balance sheet and written off in the next accounting period.
What account do you credit when you debit operating expenses?
DR Operational Expenses CR Accounts Payable
What is the journal entry to close expense accounts includes?
The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.
What is the basic summary device of accounting?
account or accounting equation
What are the accounting journal entries to record the adjusting entry in a periodic system with an ending inventory of 15000 and a starting inventory of 20000?
Debit inventory expenses 5000Credit inventory account 5000
What would the journal entry be to accrue for 2007 accounting expenses that won't be received until 2008?
Debit an expense account for the amount of the expenses incurred in 2007 to recognize the expense. Credit an accrued liabilities account to reflect the amount owed as of the end of 2007.
Are prepaid expenses a nominal account?
Prepaid expenses are the part of nominal account expenses which are not used during the current accounting period. They cannot be charged to profit and loss account as per matching concept. They find place in balance sheet and written off in the next accounting period.
What account do you debit when you credit operating expenses?
DR Operational Expenses CR Accounts Payable
What account do you credit when you debit operating expenses?
DR Operational Expenses CR Accounts Payable
What is journal entry of preliminary expenses?
preliminary expenses account debit to cash account (if the amount has been paid in cash)
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
Advantages and disadvantages of trading profit and loss account?
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
What would be journal entry to accrue the expenses?
Expences head a/c To, expences payble account
