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Is a compound entry in the general journal is made to close expense accounts?
Wiki User
∙ 13y ago
A compound entry in a general journal is any entry that has more than one debit or credit value.
A compound entry is used to close the expense accounts because you will need to credit all of the expense accounts, then debit either the Income Summary, or the Capital itself.
Wiki User
∙ 13y ago
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What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
What is journal entry of accrual?
debit expense accountcredit accounts payabledebit accounts receivablecredit income
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
In what journal should you list a telephone expense?
This could be one of two Journals, for the most part, a General Journal is where the entry goes, however, many companies choose to use subsidiary journals in order to keep accounts more organized and may set up a Subsidiary Expense Journal, in which case the telephone expense would be listed in that subsidiary journal along with all other expenses and the General Journal would only show a total for all expense accounts while the subsidiary journal would break each expense account down into more detail.So either the General Journal or a Subsidiary Expense Journal (depending on the company)
What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Tax should be recorded in the general journal because it is an expense.
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
What is journal entry of accrual?
debit expense accountcredit accounts payabledebit accounts receivablecredit income
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
What would be the journal entry of payment?
Debit expense or accounts payableCredit cash / bank
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
What is the general ledger journal entry to write off accounts payable checks?
If you've made a payment on the vendor account which was previously incurred the entry would be: Debit: Accounts Payable; Credit: Cash If you're trying to write-off an unpaid accounts payable the entry would be: Debit: Accounts Payable; Credit: Expense Settlement Account (Contra-Expense account on the P&L that will flow through to Retained Earnings.
Journal entry for goods written off?
The general ledger journal entry for the uncollectible bad debt would be considered a loss in ledger. Debit the account named Bad Debt Expense for the amount and credit the account Accounts Receivable for the amount.
