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What else can I help you with?
When an expense is incurred but has not been paid it should be credited where?
When an expense is incurred but not yet paid, it should be credited to an "Accounts Payable" or "Accrued Expenses" account, reflecting the obligation to pay in the future. The corresponding debit should be recorded in the relevant expense account, such as "Rent Expense" or "Utilities Expense." This ensures that the financial statements accurately represent the company's liabilities and expenses in the period they were incurred.
Expenses that have been incurred but have not been recorded in the accounts are?
Incurred Expenses also sometimes known as Accrued Expenses are expenses that a company incurs but has not yet paid. Unless the company in question uses Cash Basis Accounting, the transaction should be recorded immediately as a debit to the appropriate expense account and a credit to the appropriate payable account.It is an "unrecognized" expense until it is recorded, not necessarily paid.
When should be the cost of product warranty included as an expense?
Just as with any other cost of doing business, When the expense is incurred in the course of production or service then those costs should be included in expenses.
Nature of account of purchases return?
i think it should be treated as an ""Expense""
What if you put a wrong IFSC code?
It should get rejected and should be credited back to the sender's account
The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
Expenses that have been incurred but have not been recorded in the accounts are?
Incurred Expenses also sometimes known as Accrued Expenses are expenses that a company incurs but has not yet paid. Unless the company in question uses Cash Basis Accounting, the transaction should be recorded immediately as a debit to the appropriate expense account and a credit to the appropriate payable account.It is an "unrecognized" expense until it is recorded, not necessarily paid.
When should be the cost of product warranty included as an expense?
Just as with any other cost of doing business, When the expense is incurred in the course of production or service then those costs should be included in expenses.
Rent expense cost of sales?
Rent expense is considered an overhead cost, not a cost of sales since it does not directly relate to the merchandise you are selling. Any prepaid rent (such as at the beginning of the month) should receive a journal entry debit to an account called prepaid rent, and at the end of the month should be credited to rent expense. Hope this helps.
Nature of account of purchases return?
i think it should be treated as an ""Expense""
What if you put a wrong IFSC code?
It should get rejected and should be credited back to the sender's account
What should rent be classified as on a balance sheet?
Rent is not a balance sheet account, it is an expense, hence an income statement account.
When should the loss an uncollectible account receivable be recorded as an expense for accrual accounting purposes?
In the same period in which the sale on account occurs.
Issuing share at premium?
In case the shares have been issued at a premium and the amount of premium has been received then at the time of forfeiture of such share (a) share premium account should be debited (b) share premium account should be credited (c) share premium account should be neither debited nor credited (d) none of these
Where do you place loan interest in the trading account and is it an expense?
As an expense, loan interest should be placed in the debit side of the Profit & Loss A/c and not in the Trading a/c.
How can I properly account for rent as a business expense in my financial records?
To properly account for rent as a business expense in your financial records, you should create a separate expense account for rent. Record the rent payments made each month in this account and ensure that all rent-related documents, such as lease agreements and receipts, are organized and kept for reference. This will help you accurately track and report rent expenses in your financial statements.
Is accrued income effect Profit and Loss Account?
yes it do effect it should be credited in your profit and loss a/c
