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Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What is the normal balance of a expense account?
debit
What is the normal balance of an expense account is?
Debit
Is debit the normal balance in an expense account?
Yes it is.
Why does purchases account have a debit balance?
Either you can consider purchase is an expense and a debit balance or an asset an a debit balance
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What is the normal balance of a expense account?
debit
What is the normal balance of an expense account is?
Debit
Is debit the normal balance in an expense account?
Yes it is.
Why does purchases account have a debit balance?
Either you can consider purchase is an expense and a debit balance or an asset an a debit balance
What is the classification and normal balance of the supplies expense account?
debit
Is depreciation recorded by debiting the accumulated depreciation account and crediting the depreciation expense account?
Method 1 1 - [Debit] Depreciation Expense xxxx [Credit] Asset account xxxx Method 2 1 - [Debit] Depreciation Expense xxxx [Credit] Accumulated Depreciation xxxx 2 - [Debit] Accumulated Depreciation xxxx [Credit] Asset Account xxxx
Account type and normal balance of prepaid expense?
asset, debit
Is cogs normal debit or credit account?
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
Why does expense account require a debit entry to increase equity?
A debit to an equity account, or in this case an expense account, will increase the expense account. An increase to this account means the more expenses you have. The more expenses mean the less money you earn and therefore you make less money in your income statement because revenues - expenses = income
What is the journal entry for the cash stolen from cash box?
Debit: Profit & Loss Account Credit: Cash In Hand or Petty Cash Nature of Debit is Expense and the nature of Credit is Asset. Expense Increased and Asset Decreased If you have an account already open for such Losses then you should debit such account. For example in my company Cash loss is usual Case so we have an Account titled "Cash Lost Expense" In my cash I will pass the entry as Debit: Cash Lost Expense Credit: Cash in Hand or Petty Cash
What is the entry to close the depreciation expense account would include a debit of?
To close the depreciation expense account, the entry would include a debit to the Income Summary account. The corresponding credit would be made to the depreciation expense account, effectively zeroing it out for the period. This entry reflects the transfer of the expense to the Income Summary, where it will ultimately affect the net income calculation for the period.
