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What is an expense that has not been paid and has not yet been recognized in the accounts by a routine entry?
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∙ 8y ago
accrued
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∙ 8y ago
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Is a compound entry in the general journal is made to close expense accounts?
A compound entry in a general journal is any entry that has more than one debit or credit value. A compound entry is used to close the expense accounts because you will need to credit all of the expense accounts, then debit either the Income Summary, or the Capital itself.
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
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What is the entry to replenish a petty cash fund?
Dr. Various expense accounts Cr. Cash (in bank)
Is a compound entry in the general journal is made to close expense accounts?
A compound entry in a general journal is any entry that has more than one debit or credit value. A compound entry is used to close the expense accounts because you will need to credit all of the expense accounts, then debit either the Income Summary, or the Capital itself.
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
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What is the entry to replenish a petty cash fund?
Dr. Various expense accounts Cr. Cash (in bank)
How do you write an adjusting entry for bad debt expense?
Debit to bad debt expense, credit to allowance for doubtful accounts. The figure would be your yearly estimate.
What is the general ledger journal entry to write off accounts payable checks?
If you've made a payment on the vendor account which was previously incurred the entry would be: Debit: Accounts Payable; Credit: Cash If you're trying to write-off an unpaid accounts payable the entry would be: Debit: Accounts Payable; Credit: Expense Settlement Account (Contra-Expense account on the P&L that will flow through to Retained Earnings.
Explain why noncollectable accounts have both income statement and balance sheet implication for accounts?
If you can't collect a receivable, you have to write it off. Doing so means you credit the receivable on the balance sheet and debit the income statement with bad debt expense. This entry essentially reverses the initial entry which recognized the revenue and put the receivable on the balance sheet in the first place.
What is the journal entry to close expense accounts includes?
The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.
The entry closing the Expense and Revenue Summary is a?
The entry closing the Expense and Revenue Summary is a?
What is the journal entry for accounts payable and recivable computer accounti?
I think in this question something is missing : The Expense A/c or Service A/c Dr from which regards we have liability to payand Cr. the Account payable A/c.For example : We purchased goods from BM...Accounts Payable Cash/Bank/Goods etc
