0
What else can I help you with?
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in 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 accounting entry for directors fees?
The accounting entry for directors' fees typically involves recording an expense and a liability. When the fees are incurred, you would debit the Directors' Fees Expense account and credit the Accrued Liabilities or Accounts Payable account. This reflects the expense recognized in the income statement while acknowledging the obligation to pay the directors. Upon payment, you would then debit the Accrued Liabilities or Accounts Payable and credit Cash or Bank.
If you have over accrued a liability on the books Which would be an appropriate entry to remedy the situation?
debit cash, credit expense
What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
What is the accounting entry for sales return under warranty?
The accounting entry for sales return under warranty is the accrued warranty liability. This entry is written under warranty expense.
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in 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 accounting entry for directors fees?
The accounting entry for directors' fees typically involves recording an expense and a liability. When the fees are incurred, you would debit the Directors' Fees Expense account and credit the Accrued Liabilities or Accounts Payable account. This reflects the expense recognized in the income statement while acknowledging the obligation to pay the directors. Upon payment, you would then debit the Accrued Liabilities or Accounts Payable and credit Cash or Bank.
If you have over accrued a liability on the books Which would be an appropriate entry to remedy the situation?
debit cash, credit expense
Is it true that in recording the adjusting entry for accrued taxes both accounts involved are increased?
Yes, as the expense and the corresponding liability accumulate over the period, an adjusting entry is necessary to increase the expense (with a debit) and increase the corresponding liability (with a credit).
What is the accounting entry for free gift cards?
When free gift cards are given out, the accounting entry involves debiting the "Promotional Expense" account and crediting the "Gift Card Liability" account.
What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
Do you decrease a liability account with credit?
No, a liability account is decreased with a debit, not a credit. In accounting, liabilities represent obligations, and to reduce them, you would record a debit entry. Conversely, credits increase liability accounts. Therefore, to decrease a liability, you would use a debit entry.
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
Accounting where would you put a bad debt entry?
In the Journal Proper
What is journal debit?
A journal debit is an accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is recorded on the left side of a journal entry and reflects the outflow of resources or the recognition of costs. In double-entry accounting, every debit must have a corresponding credit entry to maintain the accounting equation.
