no its drawings
no
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.
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.
Db wage expense Cr cash
Debit Commission expense Credit Cash / bank
no
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 withdrawals cash for personal use,
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.
Db wage expense Cr cash
Debit Utilities expense Credit Cash
Db wage expense Cr cash
The entry in the records that documents the owner taking cash for personal use is typically recorded as a withdrawal or a cash disbursement.
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.
Debit Commission expense Credit Cash / bank
debit rent expense and credit cash
you would label it as a prepaid expense. Debit -prepaid travel expense credit- cash