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Expense account is a debit account.
So for example the expense is rent paid, so every year the rent expense increases and we record it in the debit side of the rent payable account and to complete the double entry, credit the same amount to the profit and loss account.
Follow this basic rule to know which side your looking for: DAXP (debit side items), LICS (credit side items)
D: drawings A:assets X:expenses P:purchases, L:liabilities I:income C:capital S:sales.
So DAXP items increase in the debit side while LICS items increase in the credit side.
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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 to record an accrued exp?
debit: expense account credit: account payable (vendor)
Accounting equation and rules of debit and credit?
Accounting equation: Owner's Equity=Total Equity + Revenue - Expense - Equity of creditors Rules of Debit and Credit: Personal account: Debit the receiver. Credit the giver. Real account: Debit what comes in. Credit what goes out. Nominal account: Debit all expenses and loses. Credit all income and gains.
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
Is cogs normal debit or credit account?
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
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.
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
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.
What is the recording entry of payroll?
Debit payroll expense credit cash account
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
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
Accounting equation and rules of debit and credit?
Accounting equation: Owner's Equity=Total Equity + Revenue - Expense - Equity of creditors Rules of Debit and Credit: Personal account: Debit the receiver. Credit the giver. Real account: Debit what comes in. Credit what goes out. Nominal account: Debit all expenses and loses. Credit all income and gains.
Is expense debit or credit?
If revenue (income of money) is a credit, then an expense (outflow of money) is a debit.
Is cogs normal debit or credit account?
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
How do you calculate the Bad Debt Expense on the income statement report?
credit the account receivable and debit the bad debt expense.
Is Insurance Expense credit or debit?
Debit
Is rent expense a debit or credit?
debit
