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What are two examples of a reversing entry in accounting?
Reversing entries are normally done to reverse accruals or estimates when the actual figures are known. Probably the most common is a reversal of a payroll accrual - at the end of Month 1, you accrue for payroll expense incurred but not yet paid (say 3 days). During Month 2, when the payroll is paid (for a 5 day pay week), you post the actual payroll and you reverse the prior month's accrual (leaving you with 2 days expense in Month 2 relating to that payroll). You might also estimate revenues for a period and set up a receivable for them. During the following period, this estimate would be reversed when the actual revenues are recognized.
How do you journalize the entry to record accrual of payroll taxes 198.40 FICA taxes 19.84 federal unemployment taxes and 133.92 for state unemployment taxes?
debit taxes expenses 352.16credit payroll taxes 198.4credit unemployment tax 19.84credit state unemployment 133.92
What is the difference between Modified accrual and Full accrual method?
What is the difference between Modified accrual and Full accrual method?"
What is cash accrual and its formula?
Cash accrual
What is an example of an accrual error?
what are examples of accrual errors
Is special revenue fund accrual or modified accrual?
Modified
What is sales accrual?
Accrual is a form of record-keeping. Usually, businesses record sales on a cash or accrual basis. Accrual accounting is when sales are recorded when they are made instead of when payment is received.
How can you translate the word accrual into Spanish?
devengo is the spanish word for accrual.
Could you show me examples from cash basis to accrual basis?
A company pays its employees every Friday for the week ended the previous Friday. If the month ended on a Monday, the next payroll is recorded in the month in which it was paid under the cash basis. Under the accrual basis, since those wages were earned in the prior month, they would be accrued and expensed in the prior month.
What are the advantages of modified accrual accounting?
advantage modified accrual accounting in government
What is the entry for vacation accrual?
Debit: Vacation expense Credit: Vacation accrual
Is interest receivable considered an accrual?
Yes any thing related to future is considered as accrual so interest earned but not received yet is also an accrual.
