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What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
What is journal entry of accrual?
debit expense accountcredit accounts payabledebit accounts receivablecredit income
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
Why is a compound entry useful when closing expense accounts?
A compound entry is useful when closing expense accounts because it allows multiple accounts to be closed simultaneously in a single journal entry, streamlining the accounting process. This reduces the number of entries needed, minimizing errors and enhancing efficiency. Additionally, it provides a clear summary of all expense accounts being closed, improving financial reporting and clarity in the accounting records. Overall, it simplifies the closing process and maintains better organization within the ledger.
What journal to record a bad debt?
A bad debt is typically recorded in a journal called the "Bad Debts Expense" journal or directly in the general journal. When a specific account is deemed uncollectible, the entry involves debiting the Bad Debts Expense account and crediting the Accounts Receivable account associated with the bad debt. This reflects the loss in income and reduces the total receivables on the balance sheet.
In what journal should you list a telephone expense?
This could be one of two Journals, for the most part, a General Journal is where the entry goes, however, many companies choose to use subsidiary journals in order to keep accounts more organized and may set up a Subsidiary Expense Journal, in which case the telephone expense would be listed in that subsidiary journal along with all other expenses and the General Journal would only show a total for all expense accounts while the subsidiary journal would break each expense account down into more detail.So either the General Journal or a Subsidiary Expense Journal (depending on the company)
What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
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 tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
What is journal entry of accrual?
debit expense accountcredit accounts payabledebit accounts receivablecredit income
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
What would be the journal entry of payment?
Debit expense or accounts payableCredit cash / bank
Why is a compound entry useful when closing expense accounts?
A compound entry is useful when closing expense accounts because it allows multiple accounts to be closed simultaneously in a single journal entry, streamlining the accounting process. This reduces the number of entries needed, minimizing errors and enhancing efficiency. Additionally, it provides a clear summary of all expense accounts being closed, improving financial reporting and clarity in the accounting records. Overall, it simplifies the closing process and maintains better organization within the ledger.
What journal to record a bad debt?
A bad debt is typically recorded in a journal called the "Bad Debts Expense" journal or directly in the general journal. When a specific account is deemed uncollectible, the entry involves debiting the Bad Debts Expense account and crediting the Accounts Receivable account associated with the bad debt. This reflects the loss in income and reduces the total receivables on the balance sheet.
What is general journal entry of utilities bills of Rs 3000?
To record the utilities bill of Rs 3000 in the general journal, you would make the following entry: Debit Utilities Expense Rs 3000 Credit Accounts Payable Rs 3000 This entry reflects the expense incurred for utilities and the liability created since the bill has not yet been paid.
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
