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Alphabetically within their own classification
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How do you enter accrued expenses in the general ledger?
Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.
Are the accounts in general ledger always arranged in an alphabetical order?
The liability accounts and expense accounts are the only ones arranged alphabetically.
Where would a withdraw of cash be recorded?
A withdrawal of cash would be recorded in the cash account of the general ledger, typically as a debit to the cash account and a corresponding credit to another account, such as an expense account or a liability account, depending on the nature of the withdrawal. If the withdrawal is for personal use, it may also be recorded against the owner's equity account. This ensures that the financial statements accurately reflect the decrease in cash and the purpose of the withdrawal.
What is public liability insurance and how is it different from general liability insurance?
General liability covers Public and Producs Liability, therefore by having General Liability cover, public liability is covered also.
Is total expenses a liability?
This is a good question, as a lot of people confuse expenses and liabilities. Expenses and liabilities are not the same thing. A liability is a balance sheet account that represents a probable future sacrifice of economic benefits resulting from an obligation. For example, inventory purchased on credit represents a liability, because in the future you will need to sacrifice cash in order to satisfy a current obligation. Receiving cash in advance for services is also a liability, because in the future you will need to sacrifice labor hours in order to satisfy it. Since it is a balance sheet account, a liability will exist on your books until you have satisfied it. An expense on the other hand is an income statement account. In accrual-based accounting, you deduct expenses against the revenues you generate in that period in order to arrive at your net income. In general, you try and match up your revenue and expenses as closely as you possibly can. The main source of confusion is that usually when a company recognizes an expense, it also recognizes a corresponding liability that arose as a result. However, expenses and liabilities are two different things.
How much does general liability insurance cost?
The cost of general liability depends on said person's life, lifestyle, and home. General liability covers many public costs and product liability risks.
Is it cheaper to travel by train or by plane in general?
In general it is cheaper to travel by train. It is much cheaper to fuel a train than it is a plane and this would account for some of the expense involved in flying.
You are starting a residential cleaning business Should you get general liability insurance or professional liability insurance?
You need a commercial general liability policy.
How do you post a refund check to the general ledger?
To post a refund check to the general ledger, first, identify the appropriate accounts affected by the transaction, such as the cash account and the expense or revenue account being refunded. Record a journal entry that debits the cash account (increasing it) and credits the relevant expense or revenue account (decreasing it). Ensure to include a clear description of the transaction for future reference. Finally, verify that the entry balances and accurately reflects the refund in the financial records.
How do I get general liability insurance?
Compare general liability insurance quotes from multiple providers. Learn about liability insurance in our free buyers' guides to business insurance.Hiscox specializes in general liability insurance for businesses with 10 employees or less.
When does an account become uncollectible?
"Bad debt expense, or noncollectable accounts expense, or doubtful accounts expense. When does an account or a note become noncollectable? There is no general rule for determining when an account is noncollectable. once a receivable is past due, a company should first notify the customer and try to collect the account. if after repeated attempts the customer doesn't pay, the company may turn the account over to a collection agency. After the collection agency attempts collection, any remaining balance in the account is considered worthless." -Principals of Accounting book, page 394-
Is interest expense a selling or general and administrative expense?
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
