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An unrecorded expense from last year should be posted to the appropriate expense account in the current accounting period, typically through an adjusting journal entry. This entry will reflect the expense in the financial statements for the relevant period while ensuring that the prior year’s results are not altered. Additionally, it may be beneficial to include a note in the financial statements to clarify the nature of the adjustment.
What else can I help you with?
Is the purchase of a route a capital expense?
If route is purchased for one fiscal year then it is a revenue expense, but if route is purchased for morethan one year then first year purchase portion is revenue expense and remaining portion is long-term asset.
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
Is equipment rental an expense?
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
When a firm with a 6-day workweek pays employees on Saturday. If the firm's year ends on a Saturday and gross salary for the week is 12000 how much salary expense is accrued at year end?
If the firm's year ends on a Saturday and the gross salary for the week is $12,000, then the entire amount is considered salary expense for that week. Since employees are paid on Saturday, this amount will be accrued as a salary expense at year-end, as it is owed to employees for the work they have completed in that week. Therefore, the accrued salary expense at year-end would be $12,000.
What is non recurring expenses?
It is an expense that doesn't happen on a regular basis. For example, the electric bill would be an expense that would recurr every month. If you were to have a company picnic one year, that would be a non-rerurring expense.
Can you do post secondary as a high school Junior?
yes, i am a senior this year and did post secondary last year as a junior as well as this year
Can you claim last years medical expenses on this years account if they have not been paid?
It's not a medical expense until it is paid. The year you pay it is the year you can deduct it.
Is the post office in debt?
Yes. The post office was $2.8 billion in the red last year and that is why they are considering not delivering mail on Tuesdays.
What kind of expense is rent expense?
Rent expense is a Revenue expense and not a capital expense. It is a revenue expense because it recurs from year to year and is not an expense in purchasing a fixed asset. It is classified as a revenue expense also because it features in the income statement of each year and following the principle of accruals, the accountant must, make the necessary end of period adjustments to make sure that the the amount of rent expense that should have paid is charged against revenue and not just the actual cash paid.
What is the last year they were made?
What's "they"? Please post a new question with a specific coin or bill.
Is the purchase of a route a capital expense?
If route is purchased for one fiscal year then it is a revenue expense, but if route is purchased for morethan one year then first year purchase portion is revenue expense and remaining portion is long-term asset.
How does amortization of the principal balance affect the amount of interest expense recorded each succeeding year?
reduces the amount of interest expense each succeeding year
How do you cite a blog in APA format?
To cite a blog in APA format, include the author's last name, first initial. (Year, Month Day of post). Title of blog post Blog post. Retrieved from URL
What is value 1909 penny?
1909 was the last year for Indian Head cents and the first year for Lincoln cents. Post new question as to type of coin.
Can you treat tax as expenses?
Tax is an expense on financial statements. However, income tax is an expense of the year in which the income was earned, not the year the tax is paid. For instance, income tax paid in 2013 for income earned in 2012 is an expense for 2012. You do not deduct as a 2013 expense the income tax paid in 2013 for earnings in 2012.
What is the value of a 1857 one cent coin?
1857 was the last year for the large cent and the second year for the small cent. Please post new question as to the type of coin.
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
