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What does it mean when an account is long outstanding difficult to collect the amount or it should be internally adjusted?
Wiki User
∙ 9y ago
The account is considered an uncollectible account. The account must be adjusted so that the business can balance its books.
Wiki User
∙ 9y ago
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Which account balance will change between the adjusted trial balance and the post closing trial balance?
The adjusted trial balance includes depreciation and other adjustments. This is the account balance that changes between the adjusted trial balance and the post closing trial balance.
The relationship between the amounts on the adjusted trial balance for an account and its ledger?
The adjusted trial balance reflects the balance of each account on the ledger. If there is a $1000 debit to Cash and a $200 credit to Cash in the same accounting period, the balance on the ledger will be $800 Cash. This $800 Cash balance will be reflected on the adjusted trial balance. In sum, the adjusted trial balance reflects the net of an account each accounting period.
What is journal entry of outstanding rent?
outstanding rent account dabit to Mr ashwin
What is journal entry of outstanding income?
Outstanding income a/c CR to Customer a/c Dr
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
Is outstanding salary nominal account?
no,it's personal account.
Why is outstanding expense is credited in outstanding expense account?
Because it is a liability for business
Where put entry outstanding expenses in profit and loss account?
Outstanding expenses are put on the credit side in a loss and profit account. Outstanding expenses refer toÊthe amounts of money that are due for things like rent that are not yet paid.
Can a successor trustee close a trust checking account when there are outstanding checks that havent been cashed?
No. No one can close a bank account when there are outstanding checks that must be paid to the bearer.
Which account balance will change between the adjusted trial balance and the post closing trial balance?
The adjusted trial balance includes depreciation and other adjustments. This is the account balance that changes between the adjusted trial balance and the post closing trial balance.
The relationship between the amounts on the adjusted trial balance for an account and its ledger?
The adjusted trial balance reflects the balance of each account on the ledger. If there is a $1000 debit to Cash and a $200 credit to Cash in the same accounting period, the balance on the ledger will be $800 Cash. This $800 Cash balance will be reflected on the adjusted trial balance. In sum, the adjusted trial balance reflects the net of an account each accounting period.
What is journal entry of outstanding rent?
outstanding rent account dabit to Mr ashwin
What statement is correct has outstanding balance or have outstanding balance?
Either verb form could be correct in an appropriate context. Have is used for most tenses, but "has" is used for the third person singular. If my account "has an outstanding balance" then I "have an outstanding balance."
Are withdrawals included on the balance sheet?
Yes withdrawal is shown with drawing account and drawing account is adjusted with owners equity account in balance sheet.
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 journal entry of outstanding income?
Outstanding income a/c CR to Customer a/c Dr
If you have an ending balance on the bank statement of 569.72 outstanding deposits of 25.50 and no outstanding checks what balance should show in your checkbook?
You have 595.22 in your account.
