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It rather depends what the withdrawal was for. If it was for personal use - then no, but if it was for petty cash for example - then yes.
The above gets there, but a withdrawal is NOT an expense of any type. It is simply getting cash from an account...you/business has no more or less after the withdrawal than before. Just where that asset is changes.
The expense may occur when you spend the withdrawal on a tax deductible expense.
Wiki User
∙ 13y ago
Anonymous
Yes
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Is withdrawal considered a miscellaneous expense?
no
What is the journal entry for a withdrawal of 3000 was recorded as a debit to office expense and a credit to cash?
debit drawings 3000credit office expense 3000
Can a business Claim business cards as advertising or business expense?
advertising
What is payroll expense?
A payroll expense is an expense for an employee of a business. It is what is used to pay the workers in a company or organization.
Is rent expense an other expense?
If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
Is withdrawal considered a miscellaneous expense?
no
What is the journal entry for a withdrawal of 3000 was recorded as a debit to office expense and a credit to cash?
debit drawings 3000credit office expense 3000
Are health insurance premiums a business expense?
If you are paying them for your employees as part of their compensation package, yes, it is a business expense. If it is for yourself, no, it is not a business expense, but it is usually tax deductable under medical costs.
Should an organizer or planner qualify as a business expense?
Wedding planning can be a business expense - it is the same as business or management consultation or production services.
What do you call money spent for business?
Business expense.
Do withdrawls go on income statement?
owners withdrawal are not part of income statement as neither it is income or expense of business rather it is reduction of owner capital from business that’s why it is shown under liability side as a reduction of owner capital in balance sheet.
Can a business Claim business cards as advertising or business expense?
advertising
What is payroll expense?
A payroll expense is an expense for an employee of a business. It is what is used to pay the workers in a company or organization.
Where can one obtain a business expense report?
One can obtain a business expense report in online resources. For example, the websites concur dot com and entrepreneur dot com provides business expense reports.
Why is outstanding expense is credited in outstanding expense account?
Because it is a liability for business
What is a business's biggest expense?
Generally, the largest expense of business organizations is payroll. That will have to be qualified depending on the specific industry being discussed.
Is rent expense an other expense?
If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
