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Debit accrued expenses
Credit expenses payable
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∙ 9y ago
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What is a reversing entry?
A reversing entry is a journal entry to "undo" an adjusting entry. When you create a reversing journal entry it nullifies the accounting impact of the original entry. Reversing entries make it easier to record subsequent transactions by eliminating the need for certain compound entries. Reversing entry can be created in two ways. First method is to use the same set of accounts with contra debits and credits, meaning that the accounts and amounts that were debited in the original entry will be credited with the same amount in the reversing journal "nullifying" the accounting impact. The second method is to create a journal with same accounts but with negative amounts that will also nullify the accounting impact of the original transaction
Correct entry to replenish petty cash?
Typically, a company would write a check in the amount needed to bring the petty cash box back to the imprest amount. So, if the petty cash account has a balance of $200, but there is only $50 in cash in the petty cash box, they would write a check for $150...usually to the Office Manager or whoever is responsible for petty cash. The debit side of the entry is to the various expense accounts supported by the receipts or vouchers in the box: postage expense, office expense, misc. expense, etc. Of course, the credit side of the entry is to cash. The only time you ever make an entry to an imprest petty cash account is when you first set it up, or if you increase or decrease the imprest amount. In the example above, if the receipts in the box did not total $150, you would still write the check for $150 and have an entry to an expense account called cash over/short.
What is the journal entry for cash paid in advance for travelling salesmen?
Usually, a separate control account is set up for "advances". So cr bank, dr advances. Then when expenses are known, cr advances and dr appropriate p&l account
What is a flexible budget?
Definition A set of revenue and expense projections at various production or sales volumes. The cost allowances for each expense are able to vary as sales or production vary.
The accounting records are commonly referred to as the books Why would this name be used?
Prior to computerized accounting systems, accounting records were kept and maintained manually. There were Journal Entry pages, General Ledger pages (that looked like a T-account), and multiple column pages that could be used to create subsidiary journals such as a Cash Receipts jornal, Cash Disbursements journal, etc. These pages were kept in a "post binder", so-called because instead of rings (like a ring binder) the pages fitted onto "posts" which could be lengthened by adding sections of post. It was very common to have a separate binder for your General Legder and one for each journal...creating a "set of books".
In what journal should you list a telephone expense?
This could be one of two Journals, for the most part, a General Journal is where the entry goes, however, many companies choose to use subsidiary journals in order to keep accounts more organized and may set up a Subsidiary Expense Journal, in which case the telephone expense would be listed in that subsidiary journal along with all other expenses and the General Journal would only show a total for all expense accounts while the subsidiary journal would break each expense account down into more detail.So either the General Journal or a Subsidiary Expense Journal (depending on the company)
What is a reversing entry?
A reversing entry is a journal entry to "undo" an adjusting entry. When you create a reversing journal entry it nullifies the accounting impact of the original entry. Reversing entries make it easier to record subsequent transactions by eliminating the need for certain compound entries. Reversing entry can be created in two ways. First method is to use the same set of accounts with contra debits and credits, meaning that the accounts and amounts that were debited in the original entry will be credited with the same amount in the reversing journal "nullifying" the accounting impact. The second method is to create a journal with same accounts but with negative amounts that will also nullify the accounting impact of the original transaction
What is the journal entry to record outstanding debt in a new set of books when the cash was received by the old acquired company?
cash at bank dr account opayable cr
Correct entry to replenish petty cash?
Typically, a company would write a check in the amount needed to bring the petty cash box back to the imprest amount. So, if the petty cash account has a balance of $200, but there is only $50 in cash in the petty cash box, they would write a check for $150...usually to the Office Manager or whoever is responsible for petty cash. The debit side of the entry is to the various expense accounts supported by the receipts or vouchers in the box: postage expense, office expense, misc. expense, etc. Of course, the credit side of the entry is to cash. The only time you ever make an entry to an imprest petty cash account is when you first set it up, or if you increase or decrease the imprest amount. In the example above, if the receipts in the box did not total $150, you would still write the check for $150 and have an entry to an expense account called cash over/short.
What is an airstair?
An airstair is a set of stairs permitting entry to and exit from an aeroplane.
Which set contains all the standard and major parts of a dictionary entry?
whihc set contains all the standard and major parts of a dictionary entry
What are barrier to entry?
barriers to entry are a set of agreements that prohibits a company from entering a certain market.
What is the difference between capitalized interest and accrued interest?
Interest received is the amount in currency that has been realized at the end of the term(on liquidation).Where as, bank will be calculating interest and that will be accrued to your account based on the frequency set, (daily,weekly..) for calculation purpose..
Why is delayed entry taking so long?
Delayed entry as I remember it happens when you are still in school, and the date of entry is set well beforehand. Dont worry your time will come.
How do you list prepayed expenses on the liability side of the balance sheet?
Pre-paid Expenses are not listed as a liability, they are an asset. If there is a liability, by definition, it has not been pre-paid. If you receive an invoice in Month 1 which is due in Month 2 for an expense related to Month 3, there would be no entry in Month 1. When the invoice is paid in Month 2, you would set-up a pre-paid expense which would then be expensed in Month 3.
What is a flexible budget?
Definition A set of revenue and expense projections at various production or sales volumes. The cost allowances for each expense are able to vary as sales or production vary.
What is the journal entry for cash paid in advance for travelling salesmen?
Usually, a separate control account is set up for "advances". So cr bank, dr advances. Then when expenses are known, cr advances and dr appropriate p&l account
