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Is it true When cash is paid for an expense is assets increase owner's equity increases?
no
What is the journal entry for prepaid expense when cash is not paid?
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
When are Expenses recorded?
There are two treatments of expenses as per type of accounting system:In Accrual System:Expenses are recorded when actual expenses occurred and not when actual cash is paid.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 10 July.In Cash System:Expenses are recorded when actual cash is paid and not when expense is occurred.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 15 July.
What is the journal entry for wages paid?
Db wage expense Cr cash
What is the journal entry for commission paid?
Debit Commission expense Credit Cash / bank
Is it true When cash is paid for an expense is assets increase owner's equity increases?
no
What is the journal entry for prepaid expense when cash is not paid?
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
When the owner invests cash in a business?
When the owner withdrawals cash for personal use,
When are Expenses recorded?
There are two treatments of expenses as per type of accounting system:In Accrual System:Expenses are recorded when actual expenses occurred and not when actual cash is paid.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 10 July.In Cash System:Expenses are recorded when actual cash is paid and not when expense is occurred.For Example: Expense occured on 10 July and payment cash paid on 15 July.So in this case expense will be recorded on 15 July.
What is the Journal Entry if a company paid cash for this months utilities?
Debit Utilities expense Credit Cash
What is the journal entry for wages paid?
Db wage expense Cr cash
What is journal entry for Paid wages?
Db wage expense Cr cash
What is a non monetary expense?
Monetary expense is basically a cash-money expense, so a non-monetary expense is an expense that isn't money. Some examples would be physical or personal expense.
What is the journal entry paid to rent office?
debit rent expense and credit cash
What is the journal entry for commission paid?
Debit Commission expense Credit Cash / bank
Is Cash Today more expensive than other "cash advance" companies?
I would say that they are about the same as far as expense goes. With any "cash advance" companies it could lead to more expense if they are not paid in time.
What is the journal entry for unused travel expenses paid in advance?
you would label it as a prepaid expense. Debit -prepaid travel expense credit- cash
