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No it is a temporary account
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∙ 12y ago
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What is cash interest expense?
A cash interest expense is a cash amount that accrues interest. These types of expenses vary depending on the type of account and the money present in the account.
What accounts is NOT a permanent account A cash B accounts payable C salaries expense D thomas bernard capital?
Salaries expense is not a permanent account because it will ultimately be closed to retained earning account at the end of fiscal year and from new year salaries expense account start with nill balance.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
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 cash interest expense?
A cash interest expense is a cash amount that accrues interest. These types of expenses vary depending on the type of account and the money present in the account.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
What accounts is NOT a permanent account A cash B accounts payable C salaries expense D thomas bernard capital?
Salaries expense is not a permanent account because it will ultimately be closed to retained earning account at the end of fiscal year and from new year salaries expense account start with nill balance.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Which income statement account reports how much interest was incurred during the year?
interest expense
What does -- the process of deferring interest as an asset rather than an expense -- mean in WikiAnswers' answer to Capitalization of Interest?
Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.
Where do you place loan interest in the trading account and is it an expense?
As an expense, loan interest should be placed in the debit side of the Profit & Loss A/c and not in the Trading a/c.
Is a depreciation expense account a permanent or temporary account?
Yes it is. Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. Another words income statement accounts are measured for a certain period of time whereas balance sheet accounts carry on to the following years.
Is Accumulated depreciation account a permanent account?
A/D is not temporary. Depreciation expense is the YTD depreciation booked. A/D retains its balance year over year.
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.
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
