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What is the journal entry to record retainage receivable?
Retainage is recorded on the balance sheet. The contractor, to whom the retainage is owed, records retainage as an asset. The client, who owes retainage to the contractor records retainage as a liability. Retainage receivable accounts have a normal debit balance; retainage payable accounts have a normal credit balance.
What popular cartoon character owes his existence to a misprint in a scientific journal?
popeye
What is the director fees journal entry?
The journal entry to record director fees typically involves debiting an expense account and crediting a liability account. For example, if a company owes $1,000 in director fees, the entry would be: Debit "Director Fees Expense" for $1,000 and Credit "Accrued Liabilities" (or "Accounts Payable") for $1,000. This reflects the expense incurred and the obligation to pay the director. When the payment is made, the liability account would then be debited, and cash would be credited.
What is the name of a person who owes others money?
The debtor. customer, client, payor.
What is Form 1099-r used for in the IRS?
1099R form is used to determine if the client owes or does not owe the government for the client retirement plan.
Whats the interest rate when the IRS owes you money?
zero Wrong. 8%
What are the duties of a real estate agent?
When an agent is hired to represent his/her client an agency relationship is formed whereby the agent owes the client fiduciary duties, that include, loyalty, obedience and confidentiality.
Is accrued liabilities a debit or credit balance?
Accrued liabilities typically have a credit balance. They represent obligations that a company owes but has not yet paid, such as wages, taxes, or interest. When these liabilities are recorded, they increase the total liabilities on the balance sheet, which is reflected as a credit entry.
If you received 600 from a client on account where would you post it?
It depends on whether the client owes you money and what basis of accounting you use. If the client owes you money and you use the accrual basis then it posts as an increase (debit) to Cash and a decrease (credit) to accounts receivable. If they are paying in advance for future work then it's an increase (debit) to cash and a increase (credit) to deferred revenue. If you are on cash basis then you increase cash and revenue.
Can an attorney sue an indivual for two times the dollar amount that the indivual owes his client?
The attorney is probably including costs and legal fees in the bill. If the individual owes the money to the attorney's client (there is no dispute about that), it would be a good idea to offer a payment plan. If the attorney (or his/her client) does not accept the arrangment, demonstrating that a good faith effort was made to avoid litigation may pay off dividends with the judge later, should it go to trial.
On an invoice the invoice total inludes?
An invoice total will be the full amount the customer or client owes you. This amount will include all fees and any taxes.
What is the correctly expresses the accounting equation?
The accounting equation is expressed as Assets = Liabilities + Equity. This fundamental equation illustrates that what a company owns (assets) is financed by what it owes (liabilities) and the owners' interest in the business (equity). It serves as the foundation for double-entry bookkeeping, ensuring that a company's financial statements are balanced.
