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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 a plan of income and expenses?
A plan of income and expenses is an approach to building income and paying down expenses. Many people maintain a plan for their income and expenses without realizing it.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
A budget is used to do which of the following?
Plan income and expenses.
Journal entry in reimbursement of expenses incurred in the conduct of audit?
Reimbursement expenses you keep track separetely with operational expenses if our company pays the expenses the journal entry should be (1) Re-imbursement expenses a/c DR xxx To cash a/c .... xxx (2) As the same expenses we need to re-imburse this expenses from other ABC company ABC company a/c Dr xxx To Re-imbursement expenses A/c xxx In the first Journal we debited the expenses and the second we same credited the expnenses.
Can you show the journal entry for expenses incurred on food?
debit food expenses / meals and entertainmentcredit cash / bank
Journal entry for outstanding expenses?
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.
What is the journal entry for paid in advance of the expenses for others company?
Expenses of other company is not recorded and it may be shown as loan to that company.
What is the journal entries of advance fore expenses?
debit prepaid expensescredit cash
What is the journal entry when you receive a cash refund?
Debit cash refundCredit expenses
What is the journal entry for electricity payable?
Debit electricity expensesCredit expenses payable
