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What is the adjusting entry for Rent owed at the end of the month?
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Which side of a receivables ledger control account is cash refund to customers?
If you are having to refund a customer money from an account receivable that means that 1. They overpaid on their account (or) 2. An entry error was made and they were over charged. For example 1. Say Customer X paid you $500 on their account but only owed you $50. The original entry is going to give their AR a (credit balance) of $450. Because AR is an account receivable it maintains a Debit balance. To correct this and your company plans on paying them cash back (issuing a check), you will Issue the check for $450 and credit your cash account and debit their AR account. This entry will not effect revenue as it was an over payment and not actually recorded as Income. If it's just an entry error, then simply correct it with an adjusting entry. Since the original entry is recorded as AR (debit) and Revenue (credit), reverse the entries for the adjustment amount noting why the adjusting entry was made. Since this was an entry error more than likely Income (revenue) was entered wrong as well.
What is included in a credit card statement?
The credit card statement lists all of the purchases a person makes during the month using that card. It shows the total owed, interest owed, and details about the card and purchases.
What is a contra entry in the sales ledger control account?
A contra entry occurs when one business both buys goods from, and sells goods to, one other business. Rather than making a payment for the full amount owed, and receiving a payment for the full amount due, only the difference between the two amounts actually exchanges hands; this is known as contra accounting. The contra entry is shown as follows: The first business has a debit entry in the sales ledger and a credit entry in the purchases ledger to the second business. The smaller of the two accounts (the debtor account and the creditor account of the same trader) is taken and posted to the opposite side of each respective amount, so that there is a credit entry in the sales ledger and a debit entry in the purchases ledger. (The amount posted to both accounts is actually the contra.) This will effectively close the account with the smaller amount leaving the trader either a debtor or a creditor to the other business. The amount that the trader either still owes or is owed is the larger of the accounts minus the smaller transferred amount. It can happen, in very rare cases, that a contra closes both the credit and the debit account if both the amount owed and the amount owing are exactly the same size.
What type of account is accounts payable?
Salary Payable, like other payable accounts are liabilities. It's something the company owes, therefor they are "liable" for that amount making it a liability. Once paid it is then an "expense"For example, you have $5,000 in salaries to pay, but you won't pay them until the following month, in accrual accounting we would do two entries for this transaction.Salary Expense (debit) $5,000Salaries Payable (credit) $5,000Because Salary Payable is a liability account it maintains a credit balance and is increased with a credit and decreased with a debit. Once the salaries are paid the adjusting entry would be:Salaries Payable (debit) $5,000Cash (credit) $5,000its nominal account & this Entry is salary a/c
Can the IRS take money owed from a savings account?
Typically they can seize liquid assets if there are taxes owed.
Received a evitcton notice from landlord is rent still owed?
Depends on the reason for the eviction, and whether you gave a last month's rent deposit.
Why was July 1 important for renters in ANcient Rome?
The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.The first of any month was important for people in ancient Rome, not just July nor just renters. The first of the month, or the Kalends of the month was when all the bills were supposed to be paid. Rent, interest, loans, and anything else owed was accounted for on the kalends.
If a landlord puts a clause in the lease that he can take possession after a month has past with rent owed . Can he or she take possession without going through landlord tenant court after the month .?
yes
Can a landlord get a judgment for more then what rent is owed?
If there is any damage to the rented property he can get additional money to compensate; otherwise he is limited to the rent owed.
how is rents and rates recorded in adjusting entries?
In adjusting entries, rents and rates are typically recorded to recognize any prepaid or accrued amounts related to these expenses. If rent has been paid in advance, it's adjusted to reflect the portion that corresponds to the current accounting period. Conversely, if rent is owed but not yet paid, an accrual is made to recognize the expense for the period. Adjusting entries ensure that the company's financial statements accurately reflect the expenses incurred during the accounting period.
Do you have to pay your rent to owner who is inforeclosure?
Until the foreclosure sale takes place, the rent is owed to the owner on the rent day.
Can a landlord evict you even though you paid rent for that month?
Your landloard can keep your Security Deposit, not advanced rent (such as last month's rent), for non-payment of rent or damages. An eviction alone doesn't automatically allow a landlord to keep all of your deposit. Now let's clarify what an eviction is: it's a court proceeding to remove you from your home. A landlord asking you to leave after a specific perios of time is not an eviction.
Should you use do or due?
Use "due" when referring to something owed or payable, and use "do" when performing an action or completing a task. For example, "The rent is due on the first of the month" and "I need to do my homework."
Does a landlord have a right to hold back a security deposit if the tenant dies?
Death of the tenant terminates the tenancy. The landlord should handle the security deposit according to the law, which likely means forwarding it to the estate. If rent is owed, the landlord could apply the deposit to the arrearage, and so notify the executor. There is an argument that the decedent owes rent for the next month (in a month-to-month tenancy) or the remainder of the lease (if there is a lease). However, the landlord has an obligation to try to rent the unit.
How can you get rent owed you by a tentant that move out months before the lease was up you were left out 5 months of rent?
Take them to court
How can you take ownership of an abandoned mobile home on your property that the owner refuses to move?
You send him a legal letter demanding the mobile be removed within a reasonable time ( ie a month) or you will seize it as rent owed.
Can you go to jail for owed rent?
Failing to pay your rent is a violation of civil law (i.e.: a contract) - you cannot be arrested for violation of a contract.
