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What is a journal entry that moves the difference between revenue and expenses from the income statement to the owner's equity?
Wiki User
∙ 11y ago
expenses decrease owner's equity where as revenue increases owner's equity
Wiki User
∙ 11y ago
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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
What is the difference between a stock journal and manufacture journal?
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What is the impact of missing a depreciation journal entry o a financial statement?
Missing depreciation will increase the profit while reduce the expenses in the year in which depreciation is missing.
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 the difference between sales account and sales ledger?
sales account is the account which contain all the information about sales transaction. it is prepared from journal entries. it shows the balance of the sales account while it is debit or credit. account sales is a statement. it is send by the consignee to the consignor. it contains detail about total sale, price, expenses incurred and the commission earned.
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
What is the difference between a stock journal and manufacture journal?
gerhuy6njhgyjki
What is the difference between blog and journal?
The major difference is : Blogs are online diaries but journal is a daily record of events or business; a private journal is usually referred to as a diary.
What is the impact of missing a depreciation journal entry o a financial statement?
Missing depreciation will increase the profit while reduce the expenses in the year in which depreciation is missing.
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 the difference between sales account and sales ledger?
sales account is the account which contain all the information about sales transaction. it is prepared from journal entries. it shows the balance of the sales account while it is debit or credit. account sales is a statement. it is send by the consignee to the consignor. it contains detail about total sale, price, expenses incurred and the commission earned.
Difference between jr accountant and staff accountant?
Junior accountants performs daily journal entry tasks and tends to general financial records. Staff accountants perform all facets of the company's expenses and benefits for employees.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
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.
What is the difference between journal and transaction?
A journal is the same thing as a diary or a log of events. A transaction typically refers to the buying and selling of goods.
Is there a difference in main journal size between the Chevy 350 and 400 engine?
yes
