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Is the journal entry of receiving a phone bill an asset or liability?
Wiki User
∙ 9y ago
phone bill is liability for business as it is payable in future and not an asset as the benefit of it has already taken by business.
Wiki User
∙ 9y ago
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What is journal entry for contingent liability?
the Journal entry for the above isRelated Expinditure DrContigent liability CR
What would happen to the other side of the journal entry with a decrease in an asset?
there should be increase in any other asset or decrease in liability or decrease in owners equity to balance.
What is the journal entry for donating fixed asset?
debit donationcredit fixed asset
how to record capital lease entry?
Journal entry to record capital lease in books of accounts: [Debit] Asset under finance lease xxxx [Credit] Liability under finance lease xxxx And after that asset will be adjusted against depreciation while liability will be adjusted against lease payment till the end of term.
Journal entry to write off an asset?
debit accumulated depreciationcredit asset
What is journal entry for contingent liability?
the Journal entry for the above isRelated Expinditure DrContigent liability CR
What is the Journal Entry for receiving a donated asset from City Government?
[Debit] Donated Assets [Credit] Retained Earning / OE
What would happen to the other side of the journal entry with a decrease in an asset?
there should be increase in any other asset or decrease in liability or decrease in owners equity to balance.
What are the journal entry for asset revaluation?
debit asset and credit asset revaluation
What is the journal entry if asset appreciates?
Debit Asset accountCredit retained earnings
What is the journal entry for donating fixed asset?
debit donationcredit fixed asset
how to record capital lease entry?
Journal entry to record capital lease in books of accounts: [Debit] Asset under finance lease xxxx [Credit] Liability under finance lease xxxx And after that asset will be adjusted against depreciation while liability will be adjusted against lease payment till the end of term.
What is the Journal entry move land out of current assets?
Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.
Journal entry to write off an asset?
debit accumulated depreciationcredit asset
What is the journal entry for depriciation?
Debit depreciation expenseCredit asset account
What is the Journal entry to purchase of an asset?
debit assetscredit cash / bank
What is the journal entry for asset received as gift?
debit asset credit bank
