0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is interest expense a debit or credit?
all expenses are debited
Prepaid expense is debit balance or credit balance in cash flow statement?
Prepaid expense is a debit balance.... Explanation... increase in assets......debited decrease in assets ..........credited increase in liabilities ........credited decrease in liabilities..........debited Prepaids Expenses are current assets since future expenses have been covered. Accordingly, an increase to prepaid expenses is a debit.
Why expenses debited in the income statement?
All incomes and expenses related to one fiscal year arrives in income statement as it is the sole purpose of income statement to show all expenses and incomes to arrive and net profit or net loss for that period.
When will the cash book have a credit balance?
When there is a large amount of expenses debited or no amount of cash received then it is obviously the cash book is credit balance.
Is Direct Labor credited or debited?
debited
Is Interest expense debit or credit?
all expenses are debited
Is interest expense a debit or credit?
all expenses are debited
Prepaid expense is debit balance or credit balance in cash flow statement?
Prepaid expense is a debit balance.... Explanation... increase in assets......debited decrease in assets ..........credited increase in liabilities ........credited decrease in liabilities..........debited Prepaids Expenses are current assets since future expenses have been covered. Accordingly, an increase to prepaid expenses is a debit.
Why expenses debited in the income statement?
All incomes and expenses related to one fiscal year arrives in income statement as it is the sole purpose of income statement to show all expenses and incomes to arrive and net profit or net loss for that period.
When will the cash book have a credit balance?
When there is a large amount of expenses debited or no amount of cash received then it is obviously the cash book is credit balance.
Is depreciation of sales office equipment a selling expense?
The Sales Office is in charge of the selling of valuables of an entity. Thus, all expenses related to this office is debited to selling expenses. Furthermore, depreciation is a form of expense, and deserves a different account, but since it is related to the sales office, it is debited to selling expenses. Yes, it is a selling expense.
What is Fluctuating fund system?
Fluctuating fund system is handling petty cash fund wherein every expenses/voucher is debited directly with petty cash fund as a credit. The petty cash fund is debited only whenever there is a replenishment wherein the proforma entry is:
Is Direct Labor credited or debited?
debited
Journal entry in reimbursement of expenses incurred in the conduct of audit?
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.
Why the drawings are debited instead of capital in general journal entries?
Drawing account is contra account used to charged for expenses by the owners of business instead of adjusting capital account repeatedly.
When the seller is paid the customer's account is.credited or debited?
debited
When December rent is paid in November which accounts is it debited?
Prepaid Rent is debited.
