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You would debit FBT expense on your Profit and Loss and credit the FBT payable account - then when the liability is paid you would Debit FBT payable and credit bank
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For the modified accrual basis of accounting what would be the entry to record the purchase of an building?
For the modified accrual basis of accounting what would be the entry to record the purchase of an building?
Accounting where would you put a bad debt entry?
In the Journal Proper
How you compare unpaid income tax with income tax expense?
If I understand what you are asking, your question is in regards to C corporations or LLCs which have elected to be taxed as C corporations, and which use the accrual method of accounting. The income tax expense for the period would be listed as an expense on the income statement. The amount of unpaid income tax would be listed as a liability on the balance sheet as income tax payable (or some similar name).
A newspaper ad submitted and published this week with the agreement to pay for it next week How would that be reflected in an accounting journal entry?
In the accounting journal, this transaction would be recorded as a liability in the current week when the newspaper ad was submitted and published. It would be debited to Advertising Expense and credited to Accounts Payable. The payment would then be recorded in the following week by debiting Accounts Payable and crediting Cash.
What are the accounting entries for free shares?
You would make the journal entry the same way you would make it if they were not free shares. You would use the estimated or known value of the free shares to make the entry.
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 saleries payable a current liability?
Yes, Salaries Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period).Current Liability as any liability that will be fully pad for in one year (or less).
What is the journal entry for a warranty purchased in financial accounting?
The journal entry to record the purchase of a warranty in financial accounting would be to debit the Warranty Expense or Warranty Cost account and credit the Unearned Warranty Revenue account. This reflects the cost of providing the warranty coverage and defers the recognition of revenue until the warranty services are actually provided.
Who invite journal entry?
To record a journal entry, an individual would typically initiate it. Journal entries are used to document financial transactions in accounting, so they are typically made by the company's accounting or finance team members in accordance with accounting principles and guidelines.
Does liability equals assets plus equity?
NO! The accounting equation isAssets = Liability + Owners EquityTherefore if you want to change the formula around the following would be correct.Liability = Assets - Owners EquityorOwners Equity = Assets - Liabilities
Is there a difference between entry and entrance?
It is possible to have and accounting entry, but not an entrance. Also a competition entry but not a competition entrance. The front door to a terraced house would be called an entrance, but the side entrance is called an entry.
How would you describe double-entry accounting?
Double-entry accounting is a system in which every financial transaction is recorded in at least two different accounts, with one account debited and the other credited. This method ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced at all times. Double-entry accounting provides a more accurate and transparent way of tracking and analyzing financial transactions.
