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WHICH IS PAYABLE...Under accrual method of accounting, goods or services are received today and payment is made in the future. The transaction is recorded in the books when the goods and services are receive.
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What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
If you have over accrued a liability on the books Which would be an appropriate entry to remedy the situation?
debit cash, credit expense
What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
What is the accounting entry for sales return under warranty?
The accounting entry for sales return under warranty is the accrued warranty liability. This entry is written under warranty expense.
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
If you have over accrued a liability on the books Which would be an appropriate entry to remedy the situation?
debit cash, credit expense
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
No, in recording the adjusting entry for accrued taxes, one account is increased while the other account is increased. The accrued taxes payable account is increased to record the liability for the taxes that has been earned but not yet paid, and an expense account (such as taxes expense) is also increased to reflect the amount of taxes that has been incurred.
What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
Accounting where would you put a bad debt entry?
In the Journal Proper
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
What is the journal entry accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
Journal entry for accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
What is the entry of accrued traveling expenses?
[Debit] Accrued traveling expenses [Credit] Accrued expenses payable
To make an adjusting entry for the accrued commission is what?
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
