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What else can I help you with?
Is salaries payable an expense?
Salaries payable is a out standing expenses for time being its show as a liability account.
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
How do you treat withholding tax in the books?
Like any other accrued liability/account payable, own account is nice, not entirely nessasary. It is charged as part of payroll expense (which it is).
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
When you debit an operating expense what account do you debit?
In my opinion, this question is wrong. DR Operating Expense CR Accounts Payable
What is the journal entry to reverse an accrued expense?
Payable Account XXX Expense Account XXX
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
Is salaries payable an expense?
Salaries payable is a out standing expenses for time being its show as a liability account.
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
How do you treat withholding tax in the books?
Like any other accrued liability/account payable, own account is nice, not entirely nessasary. It is charged as part of payroll expense (which it is).
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
When you debit an operating expense what account do you debit?
In my opinion, this question is wrong. DR Operating Expense CR Accounts Payable
What are the accounting journal entries to record a purchase of advertisement on credit with payment on the next month?
I am not sure but, if you are taking ACT 101 IN Harper College, the answer is going to be expense for $ 85. It means that you have to put $85 to note payable section, and then you also have to put $85 to expense account to subtract the amount. In other words, for the account of May 27, $85 is going to be on the Note payable account of Liabilities part, and you should put down the ($85) at the expense that is on the same line.
What type of account is bills payable account?
ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. This is because a "payable" is something you (your company) owes but has not paid yet. For a bill such as Phone, once the obligation is met it is no longer a liability but an expense.
What is the difference between account receivable and accounts payable confirmation?
account receivable- money coming in for profit account payble-money going out for a expense
Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
