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debit telephone expensescredit expenses payable
DR all expenses (Postage expense,Misc. expense,John Smith, drawing,Telephone expense. CR Cash
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 expenses [Credit] Cash / bank
Reimbursement expenses you keep track separetely with operational expenses if our company pays the expenses the journal entry should be (1) Re-imbursement expenses a/c DR xxx To cash a/c .... xxx (2) As the same expenses we need to re-imburse this expenses from other ABC company ABC company a/c Dr xxx To Re-imbursement expenses A/c xxx In the first Journal we debited the expenses and the second we same credited the expnenses.
debit telephone expensescredit expenses payable
No, telephone expenses do not go on the income statement. Telephone expenses would be recorded as an operating expense on the income statement under the category of "Communication expenses" or similar designation.
DR all expenses (Postage expense,Misc. expense,John Smith, drawing,Telephone expense. CR Cash
Debit outstanding expensesCredit expenses payable
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 expenses [Credit] Cash / bank
Reimbursement expenses you keep track separetely with operational expenses if our company pays the expenses the journal entry should be (1) Re-imbursement expenses a/c DR xxx To cash a/c .... xxx (2) As the same expenses we need to re-imburse this expenses from other ABC company ABC company a/c Dr xxx To Re-imbursement expenses A/c xxx In the first Journal we debited the expenses and the second we same credited the expnenses.
OH Expenses are overhead expenses for a business - such as rent, payroll, telephone etc.
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)
debit food expenses / meals and entertainmentcredit cash / bank
To record legal expenses in a journal entry, you would debit the Legal Expenses account and credit either Cash or Accounts Payable, depending on whether the expense was paid immediately or is still outstanding. This entry helps to accurately track and report legal costs incurred by the business.
Today, I recorded outstanding expenses in our journal to reflect costs that have been incurred but not yet paid for. This helps us accurately track our financial obligations and ensure they are accounted for in our records. By noting these outstanding expenses, we maintain transparency in our financial reporting and can better manage our cash flow.