0
What else can I help you with?
The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
A sole proprietor has incurred as expense out of his personal accont - what will be the journal entry?
The expense account will be debited and capital will be credited by the same ammount
What is an outstanding deposit?
an outstanding deposit means cash received by the company and recored in their general ledger, but bank has not yet credited the bank account
What is the meaning of outstanding expenses?
it is an overdue expense or in some cases a big expense...
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What account would increase with a decrease in the inventory account?
The following will increase: Expense and Revenue Accounts Cost of Goods Sold - Credited Sales Revenue - Credited Balance Sheet Accounts Assets Accounts Accounts Receivable or Cash depending on payment terms will be debited
How do you record a refund accorrding to GAAP?
GAAP requires that refunds that are adjustments of amounts previously paid be credited to the expense account where the original purchase was posted.
Has your account been credited?
Yes, my account has been credited.
Journal entry for salary advance paid?
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
