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if you haven't recorded it, nothing. If you have recorded it and not paid it, it becomes a liabilty such as 'interest payable'
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∙ 13y ago
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Failure to record depreciation at year end will result in an?
overstating total assets.
Usually failure to record a liability means failure to record an?
Expense
Where do you record credit purchases of fixed assets?
in fix assets
What are debits used to record?
assets
Is the speeding ticket from Maryland going to affect your driving record if you are from Illinois?
The ticket will be reflected on your driving record, regardless of where you received it. That's why you need to pay it; failure to do so could result in a suspended license.
What is historical concept?
historical concept means tangible assets are record on the the original price, in which an assets is acquired.
What is balnce sheet?
Balance sheet is the record of Assets and Liabilities.
If you get a warning on a traffic violation in Massachusetts does it affect your record?
to answer your question no it does not affect your record
What happens to my financial statement if I don't record a prepayment?
The assets in the balance sheet will be understated as prepayment is under the assets account.
What is the advantage of having you name on deed but not resposible for mortgage?
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
What account is used to record the transfers of assets from a business to its stockholders is?
The dividend account is used to record transfers of assets from a business to its stockholders. It is a temporary account that closes before the end of the accounting year.
How do you record transactions using the accounting equation?
Assets= Liabilities + Equity
