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What will be the journal entry if you received net commission after deducting prev month gross commission?
The journal entry for receiving commission is as follows: Cash/Bank [Debit] XXXX Commission[Credit] XXXX
What is journal entry for paid electricity bill for the month of march'2010 Rs3450?
Electrycity bill A/C Debit To Cash A/C Credit
What is the smallest unit of time to calculate depreciation?
A calendar month is the smallest unit of time used to calculate depreciation. A plant asset may be placed in service at a date other than the first day of a fiscal period. In such cases, depreciation expense is calculated to the nearest first of a month. To calculate depreciation expense for part of a year, the annual depreciation expense is divided by 12 to determine depreciation expense for a month. The monthly depreciation is then multiplied by the number of months the plant asset was used that year.
Is depreciation on balance sheet or income statement?
Depreciation on the income statement is the amount of depreciation expense that is appropriate for the period of time indicated in the heading of the income statement. The depreciation reported on the balance sheet is the accumulated or the cumulative total amount of depreciation that has been reported as expense on the income statement from the time the assets were acquired until the date of the balance sheet.Let’s illustrate the difference with an example. A company has only one depreciable asset that was acquired three years ago at a cost of $120,000. The asset is expected to have a useful life of 10 years and no salvage value. The company uses straight-line depreciation on its monthly financial statements. In the asset’s 36th month of service, the monthly income statement will report depreciation expense of $1,000. On the balance sheet dated as of the last day of the 36th month, accumulated depreciation will be reported as $36,000. In the 37th month, the income statement will report $1,000 of depreciation expense. At the end of the 37th month, the balance sheet will report accumulated depreciation of $37,000.
The rental revenue represents the amount received for 11 months for use of the dining facilities The December rent has not yet been paid What is the adjusting journal entry?
Rent Dr Rent Accrued Cr (for the Dec month)
What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
What is the journal entry of interest on capital 5 percent pa for a month?
o.5
What will be the journal entry if you received net commission after deducting prev month gross commission?
The journal entry for receiving commission is as follows: Cash/Bank [Debit] XXXX Commission[Credit] XXXX
Why are adjusting journal entry prapare?
Adjusting entries are made for different reasons like errors in previous journal entries or adjustment at month end or year end for accruals etc.
At the end of the month the adjusting journal entry relating to the use of supplies would include a?
debit supplies expensescredit supplies inventory
What is the journal entry for declared dividends?
No journal entry for stock option until that stock option is not utilized by the employees or any person with stock option available to them.
What is journal entry for paid electricity bill for the month of march'2010 Rs3450?
Electrycity bill A/C Debit To Cash A/C Credit
What is the journal entry if someone borrowed cash from you with an interest of 6 percent per month?
Debit short term loanCredit cash / bank
What is the smallest unit of time to calculate depreciation?
A calendar month is the smallest unit of time used to calculate depreciation. A plant asset may be placed in service at a date other than the first day of a fiscal period. In such cases, depreciation expense is calculated to the nearest first of a month. To calculate depreciation expense for part of a year, the annual depreciation expense is divided by 12 to determine depreciation expense for a month. The monthly depreciation is then multiplied by the number of months the plant asset was used that year.
Which month is not abbreviated in Works Cited entry?
The month of May is not abbreviated in a Works Cited entry.
Is depreciation on balance sheet or income statement?
Depreciation on the income statement is the amount of depreciation expense that is appropriate for the period of time indicated in the heading of the income statement. The depreciation reported on the balance sheet is the accumulated or the cumulative total amount of depreciation that has been reported as expense on the income statement from the time the assets were acquired until the date of the balance sheet.Let’s illustrate the difference with an example. A company has only one depreciable asset that was acquired three years ago at a cost of $120,000. The asset is expected to have a useful life of 10 years and no salvage value. The company uses straight-line depreciation on its monthly financial statements. In the asset’s 36th month of service, the monthly income statement will report depreciation expense of $1,000. On the balance sheet dated as of the last day of the 36th month, accumulated depreciation will be reported as $36,000. In the 37th month, the income statement will report $1,000 of depreciation expense. At the end of the 37th month, the balance sheet will report accumulated depreciation of $37,000.
Is depreciation normally computed on the basis of the nearest full month and to the nearest dollar?
yes
