0
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
Wiki User
∙ 11y ago
Yes, as the expense and the corresponding liability accumulate over the period, an adjusting entry is necessary to increase the expense (with a debit) and increase the corresponding liability (with a credit).
Wiki User
∙ 11y ago
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.
Add your answer:
Earn +20 pts
The Recording classifying summarizing and presenting phases of accounting with comprehensive example?
Major Steps in Accounting CycleThe major steps involved in the accounting cycle are:Analyzing and Recording Transactions via Journal EntriesPosting Transactions to Ledger AccountsPreparing Unadjusted Trial BalancePreparing Adjusting Entries at the end of the PeriodPreparing Adjusted Trial BalancePreparing Financial StatementsClosing Temporary Accounts via Closing EntriesPreparing Post Closing Trial BalanceAccounting Cycle Flow Chart
What practice emerged in the early 1950s that involved recording altered recording altered versions of songs previously recorded by black performers.?
Covering
How many U.S. companies were involved primarily or exclusively in the manufacture of magnetic and optical recording media in 2000?
By the end of the twentieth century, approximately 241 U.S. companies were involved primarily or exclusively in the manufacture of magnetic and optical recording media
Basic definitions of accounts?
The Chart of Accounts is really a list of "descriptions" used to describe the elements and events involved in financial transactions.
Do you need letters of administration when no property is involved only bank accounts?
Access to the bank accounts require authorization. The letter of administration give them that right.
What was Jon Bon Jovi before he became a singer?
Jon was always involved in music, and was involved in several different bands during high school.As for other jobs, he swept floors at his cousin's recording studio, The Power Station, before being offered a recording contract in 1983.
How is the size of insulin adapted?
One of the most difficult parts of the treatment of a newly diagnosed type 1 diabetic is adjusting the insulin dosage. This involved repeated testing of blood sugar levels and adjusting the number and size of injections of insulin required.
Where can one find information about FDIC insured savings accounts?
Any bank can give you information about FDIC insured savings accounts. Most deposit accounts are insured. Check at your local bank or online to see if there is a fee involved.
What does conventional and modern system of accounting means?
Traditional and Modern Accounting ProceduresBefore starting to record business transactions, Accountants have to decide what accounts to maintain and also specify the rules on how to allocate transactions to particular accounts. A Chart of Accounts and an Accounting Manual are the typical accountancy documents that are created to achieve these ends. The recording of day-to-day transactions into books of account is known as book-keeping. Book-keepers refer to the chart of accounts and accounting manual when necessary and allocate business transactions to the correct accounts.The graphic to the right looks at traditional and modern book-keeping practices (click on the graphic to enlarge it for readability). In traditional, paper-based systems, book-keeping typically involved:
Which accounts are involved in the following enteries Dixon opened a bank account in the name of the business by depositing 50000 cash which he had saved over a number for years?
[Debit] Bank Account 50000 [Credit]Cash Account 50000 Bank account as well as cash accounts are involved in this transaction.
Are there any legal issues involved when using a CCTV system?
Yes there are some legal issues involved when using a closed circuit television system. They depend on where the cameras are being installed, and who you'll be recording.
Do adverse credit bank accounts have high monthly fees?
Normally bank accounts are not affected by adverse credit. If they are, there should not be a higher fee connected to them unless a loan is involved. Normally bank accounts are not affected by adverse credit. If they are, there should not be a higher fee connected to them unless a loan is involved. Absolutely NOT yes i have maybe 400000 dsh in my acunt NO, UNLESS A LOAN IS OUTSTANDING.
