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Is utilities asset or expense?
Expense
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
Should utilities run through COGS?
If the question is "Should utilities such as power and phone be accounted for through Cost of Goods Sold?" the answer is no. Utilities are an expense.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is a drawing account an expense or liability?
an expense
Is utilities asset or expense?
Expense
Which of these is an example of a variable expense?
Utilities
Is telephone utilities?
Telephone Expense could be included under Utilities Expense for Financial Statement purposes. However, both telephone and gas/electric are usually substantial enough to warrant their own accounts, along with Other Utilities (water, sewer, etc) - the three accounts being combined as Utilities Expense on the Income Statement.
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What is the Journal Entry if a company paid cash for this months utilities?
Debit Utilities expense Credit Cash
Should utilities run through COGS?
If the question is "Should utilities such as power and phone be accounted for through Cost of Goods Sold?" the answer is no. Utilities are an expense.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Define maintenance and other operating expenses?
Operating Expenses are expenses that are incurred while running a business. Maintenance Expense could be considered anything from the cost of maintaining a company vehicle to repairs made on a building or some other type of "maintenance" that is require by the business in order to function at 100%. Many expenses have their own account such as, Utilities Expense, Rent Expense, Insurance Expense, Interest Expense, Supply Expense, just to name a few. Other expense may not have a specific account in which to be recorded, such as Travel Expense, Food Expense (perhaps to entertain a possible client), these expense are often listed under "Other Expenses".
Is the drawings account an expense account?
The Drawings account is not an expense account. It is a contra equity account. Therefore, it appears on the balance sheet.
Is a drawing account an expense or liability?
an expense
