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Expenses a/c dr
to outstanding expenses a/c
Wiki User
∙ 13y ago
Today, I recorded outstanding expenses in our journal to reflect costs that have been incurred but not yet paid for. This helps us accurately track our financial obligations and ensure they are accounted for in our records. By noting these outstanding expenses, we maintain transparency in our financial reporting and can better manage our cash flow.
Wiki User
∙ 9y agodebit expenses
credit expenses payable
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What is Outstanding expenses journal entry?
Debit outstanding expensesCredit expenses payable
What is journal entry of outstanding expenses?
Outstanding expenses are those which are yet to be paid in current financial year. Journal entry would be Expenses a/c dr to Outstanding expenses a/c Outstanding expenses should be crecdited because its a liability for the company.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
What is the journal entry for outstanding salaries?
outstanding salaries a/c....................dr to outstanding expenses
What is the journal entry for legal expenses?
To record legal expenses in a journal entry, you would debit the Legal Expenses account and credit either Cash or Accounts Payable, depending on whether the expense was paid immediately or is still outstanding. This entry helps to accurately track and report legal costs incurred by the business.
What is journal entry of outstanding salary?
debit salary expensecredit salary payable
What is the Journal entry for outstanding rent paid?
outstanding rent
What is the journal entry that are paid on behalf the expenses not belong to company expenses?
There is no general entry for those expenses which are not belongs to company's normal operating business activities and no entry required.
What is the journal entry for net income?
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
Where put entry outstanding expenses in profit and loss account?
Outstanding expenses are put on the credit side in a loss and profit account. Outstanding expenses refer toÊthe amounts of money that are due for things like rent that are not yet paid.
What is the journal entry for electricity payable?
Debit electricity expensesCredit expenses payable
What is the journal entry when you receive a cash refund?
Debit cash refundCredit expenses
