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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.
What is the journal entry for the cash stolen from cash box?
Debit: Profit & Loss Account Credit: Cash In Hand or Petty Cash Nature of Debit is Expense and the nature of Credit is Asset. Expense Increased and Asset Decreased If you have an account already open for such Losses then you should debit such account. For example in my company Cash loss is usual Case so we have an Account titled "Cash Lost Expense" In my cash I will pass the entry as Debit: Cash Lost Expense Credit: Cash in Hand or Petty Cash
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
What credit means that an account has been increased?
Any credit is an increase to an account. A debit is a decrease to the account.
Is sales return an expense?
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
No, in recording the adjusting entry for accrued taxes, one account is increased while the other account is increased. The accrued taxes payable account is increased to record the liability for the taxes that has been earned but not yet paid, and an expense account (such as taxes expense) is also increased to reflect the amount of taxes that has been incurred.
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.
What is the journal entry for the cash stolen from cash box?
Debit: Profit & Loss Account Credit: Cash In Hand or Petty Cash Nature of Debit is Expense and the nature of Credit is Asset. Expense Increased and Asset Decreased If you have an account already open for such Losses then you should debit such account. For example in my company Cash loss is usual Case so we have an Account titled "Cash Lost Expense" In my cash I will pass the entry as Debit: Cash Lost Expense Credit: Cash in Hand or Petty Cash
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
What credit means that an account has been increased?
Any credit is an increase to an account. A debit is a decrease to the account.
Is depreciation recorded by debiting the accumulated depreciation account and crediting the depreciation expense account?
Method 1 1 - [Debit] Depreciation Expense xxxx [Credit] Asset account xxxx Method 2 1 - [Debit] Depreciation Expense xxxx [Credit] Accumulated Depreciation xxxx 2 - [Debit] Accumulated Depreciation xxxx [Credit] Asset Account xxxx
Is sales return an expense?
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
What is the recording entry of payroll?
Debit payroll expense credit cash account
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
What journal entry for provident fund?
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
How do you calculate the Bad Debt Expense on the income statement report?
credit the account receivable and debit the bad debt expense.
