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Which liability account would hold the balance of rent due but not yet paid?
Wiki User
∙ 13y ago
Rent Payable
A payable account is any account that has a balance due that has not been paid yet. Say you owe $500 for one months rent, but want to record it on the books but not pay it, the journal entry would be:
Rent Expense (debit) $500
Rent Payable (credit) $500
It's the same concept as with such payable accounts like, Income Tax Payable, Salary or Wages Payable, etc.
Though it is very uncommon to record rent as a payable, usually it is recorded as prepaid (an asset) or as it is paid, not before.
Wiki User
∙ 13y ago
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What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
What is trial balace?
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance...cj pulgar
What does account balance and available balance mean?
Account Balance is the total amount deposited in the account.Available Balance is the amount of money in your account that is not subject to a Temporary Hold. There can be a 'Hold' placed on portions for various reasons, placing some of your money in limbo--it's still yours but you can't spend it yet:1. Deposits can take a while to clear, while the bank makes sure that the checks are valid.This can take 1-10 days to clear, depending on the deposit type and amount. (The maximum time is regulated by federal law.)2. Some retailers (such as restaurants and gas stations) will run your debit card through for a larger amount, since they don't know how much your final tab will be, depending on how much you tip your server, or how big your gas tank is. Even after your transaction is completed it may take up to 3 days for the "hold" to clear your account.3. When renting a car with a debit card, they will place a hold on your security deposit, only actually taking the money out of your account if you don't pay your bill or if you damage the vehicle.
Difference between account balance to available balance?
Let's say you have $100 in your account. You deposit another $100. Sometimes the bank will "hold" your deposit until the check clears, or until the next business day if you deposited it after the teller was on the "next day" (such as after 3PM, etc.). In that case, your account balance will be $200, and your available balance (the amount you can actually use) will be only $100. Usually cash deposits go right to the "available" because they don't have to "clear." If you are in a rush and need money in your account right away, contact the head teller and tell them: 1. You want to deposit the money with a teller still working on today and 2. You'd like them to approve the funds as immediately available. Depending on your balance, if you ever bounced a check, how well they know you, the amount, etc. they will usually make some or all of it "available" which is the same as saying it goes into that balance. You can only cash a check or use an ATM for the available amount, not the account balance, and if you write a check, it will bounce if it is presented before the "available" amount reaches the amount of the check.
What is the purpose of trial balance?
The purpose of a trial balance is to show balances of each of the accounts that hold balances in the respective company. The trial balance is split into two sections, the income statement (statement of comprehensive income) and the balance sheet (statement of financial performance) The balance sheet holds the accounts that the balances get carried forward each year and the income statement holds only the transactions for the current year. So there are many uses for a trial balance. You are able to perform analytical procedures on your revenue for the year or see what the balance of your liabilities are. The main purpose is to review the balances for the year for each account that holds a balance
Which liability account would hold the balance of wages due but not yet paid?
Wages payable account is shown under liability section for those wages which are due but not yet paid
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
How can a checking account be a liability?
A checking account can be considered a liability from the bank's perspective because it represents a debt or obligation that the bank owes to its customers. The bank is required to hold and maintain the funds in customers' checking accounts and make them available for withdrawal or use as directed by the account holder. Therefore, from the bank's point of view, checking accounts are liabilities on its balance sheet.
How do you check sbi account balance without net banking?
You can check the balance on your SBI ATM card by calling the 800 number on the back of the card. Many ATMs will have a check balance option. Some ATMs will charge a small fee for checking the balance.
If you receive payment prior to delivery of good is that a current liability?
We apply pre-paid rent on homes and storage to a pre-paid asset account. This allows you to adjust and age your recivables so they are accurate, and you should set up a reminder to move the money out of the pre-paid asset account and into income when the time is right. Anyway, we do not hold the prepayment of a service as a liability. I wouldn't believe I would do it for goods either.
How does one hold a bank account?
To "Hold" a bank account is the same as having or owning a bank account. If one has a savings account, they hold that account.
Can you get the bank to remove charges?
It depends on what charges you are talking about here. If the bank has charged you by mistake then by contacting the bank and raising a request you can get the bank revert/remove those charges. Ex: If the bank charges you $25 for not maintaining the minimum balance even though you hold a 0 balance checking account, you can raise a written request and the bank would deposit the $25 back to your account.
Why is limited liability important in the business world?
because it limits your liability to the amount of shares that you hold. So if you hold 100 shares for £1 each, then your liability to the company's creditors is £100 (if you have not already given that to the co when you got your shares)
What is trial balace?
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance...cj pulgar
How do you add money to a debit card?
Debit cards are linked to a specific bank account. They don't actually hold a balance on the card itself. You can only use a debit card to purchase items if there is sufficient funds in the linked account.
How much the penalty for below minimum balance savings?
It actually depends on the bank and the type of account you hold with them. Let us say you have an account with a bank that expects you to maintain a minimum balance of Rs. 1000/- at all times, they might charge you around Rs. 50/- or Rs. 100/- per month if you fail to maintain the minimum expected balance. You need to check with your bank for the exact charges.
What would happen if you had no ears?
you would fall over because the ears hold you fluid them gives you balance ! and also you couldn't hear asswell.
