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Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Wiki User
∙ 10y ago
Tax should be recorded in the general journal because it is an expense.
Wiki User
∙ 10y ago
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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 record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
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
Where would you record acceptances in balance sheet?
Record it as an expense.
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
The journal entry to record depreciation expense consists of a credit to Accumulated Depreciation and a debit to the asset being depreciated?
Debit is to depreciation expense.
In bookkeeping, what is the record of original entry?
The General Journal
What is the Difference between asset method and expense method?
the asset method = record all purchases as asset then recognize expense (diff of beg bal & end bal) dr. prepaid supply (purchase) cr. cash expense method = record all purchases as expense, then account for the ending balance. adjust beg balance to reflect end balance. dr. supply expense cr. cash
What is the journal entry to record interest expense not yet paid?
debit interest expensescredit interest payable
What is journal entry to record out of pocket business expense?
debit business expensescredit owner capital account
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
