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How should expenses be recorded?
How to correct misclassification of rent expense? It was recorded as rent expense, should have been recorded as prepaid rent with an effective tax rate of 30%.
When are Expenses recorded?
There are two treatments of expenses as per type of accounting system:In Accrual System:Expenses are recorded when actual expenses occurred and not when actual cash is paid.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 10 July.In Cash System:Expenses are recorded when actual cash is paid and not when expense is occurred.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 15 July.
Is inventory shrinkage recorded as an expense?
As a reduction to merchandise inventory
What is the accounting entry for GRATUITY?
Over the period, Expense debit Payable credit and when pay Payable debit Bank credit Expense should be charged on acturial asumption. and over the period, acturial gain or loss should be recorded.
Expenses that have been incurred but have not been recorded in the accounts are?
Incurred Expenses also sometimes known as Accrued Expenses are expenses that a company incurs but has not yet paid. Unless the company in question uses Cash Basis Accounting, the transaction should be recorded immediately as a debit to the appropriate expense account and a credit to the appropriate payable account.It is an "unrecognized" expense until it is recorded, not necessarily paid.
How should expenses be recorded?
How to correct misclassification of rent expense? It was recorded as rent expense, should have been recorded as prepaid rent with an effective tax rate of 30%.
Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Tax should be recorded in the general journal because it is an expense.
Is mortgage valid if your name is spelled incorrectly on deed and all documents?
Yes. If you signed the documents then the mortgage is valid. However, you should notify the attorney who represented you at the closing that your name is misspelled. A corrective deed and mortgage should be recorded at the attorney's expense to clear your title. You should do that ASAP.Yes. If you signed the documents then the mortgage is valid. However, you should notify the attorney who represented you at the closing that your name is misspelled. A corrective deed and mortgage should be recorded at the attorney's expense to clear your title. You should do that ASAP.Yes. If you signed the documents then the mortgage is valid. However, you should notify the attorney who represented you at the closing that your name is misspelled. A corrective deed and mortgage should be recorded at the attorney's expense to clear your title. You should do that ASAP.Yes. If you signed the documents then the mortgage is valid. However, you should notify the attorney who represented you at the closing that your name is misspelled. A corrective deed and mortgage should be recorded at the attorney's expense to clear your title. You should do that ASAP.
In accounting do you depreciate the installation of a fixed asset?
In accounting the "installation" if you are referring to the cost of having something installed is an expense and is recorded as such, that is an operating expense and is recorded as such. Since it is an expense it is not an actual asset, so can not be depreciated.
When are Expenses recorded?
There are two treatments of expenses as per type of accounting system:In Accrual System:Expenses are recorded when actual expenses occurred and not when actual cash is paid.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 10 July.In Cash System:Expenses are recorded when actual cash is paid and not when expense is occurred.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 15 July.
When should the loss an uncollectible account receivable be recorded as an expense for accrual accounting purposes?
In the same period in which the sale on account occurs.
Is the purchase of a building recorded as an expense?
No, the purchase of a building is an expenditure (different from an expense) and therefore must be capitalized.
How is fuel capture in accounting books?
fuel is a direct expense.direct expense is an expense which can be directly related with production.hence it is recorded as an direct expense in trading account.
Is inventory shrinkage recorded as an expense?
As a reduction to merchandise inventory
What is the accounting entry for GRATUITY?
Over the period, Expense debit Payable credit and when pay Payable debit Bank credit Expense should be charged on acturial asumption. and over the period, acturial gain or loss should be recorded.
How is rent expense properly recorded?
Debit Rent Expense xxxx Credit Rent payable / cash /bank xxxx
Expenses that have been incurred but have not been recorded in the accounts are?
Incurred Expenses also sometimes known as Accrued Expenses are expenses that a company incurs but has not yet paid. Unless the company in question uses Cash Basis Accounting, the transaction should be recorded immediately as a debit to the appropriate expense account and a credit to the appropriate payable account.It is an "unrecognized" expense until it is recorded, not necessarily paid.
