Outstanding income a/c CR to Customer a/c Dr
debit accounts receivable
credit revenue account
outstanding rent
[Debit] Outstanding expenses [Credit] Cash / bank
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
outstanding salaries a/c....................dr to 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.
Debit outstanding expensesCredit expenses payable
outstanding rent
[Debit] Outstanding expenses [Credit] Cash / bank
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
outstanding salaries a/c....................dr to 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.
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
Debit cash / bankCredit other income
debit rent expensecredit rent payable
[Debit] rent income receivable [Credit] rent income
outstanding rent account dabit to Mr ashwin