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Do you put invoice in the ledger account?
Yes, invoices are recorded in the ledger account as they represent a financial transaction. They are typically entered in the accounts receivable or accounts payable sections, depending on whether you're expecting to receive payment or need to make a payment. This helps maintain an accurate record of financial activity and ensures that all transactions are tracked properly.
Do you put an independent contractor as an expense or income in the general ledger?
An independent contractor is classified as an expense in the general ledger. When you pay an independent contractor for their services, you record the payment as an expense, typically under a category such as "Contract Labor" or "Professional Services." This reflects the cost of the services provided, which reduces your net income. Income, on the other hand, refers to revenue generated from your business activities.
Were do put long term notes payable on the balance sheet?
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
Where should i put carriage inwards in Trade payable control account?
trading account expenses
What are payables?
Accounts payable or "payables" are those amounts of money that a business must put aside to be paid for on-going debts.Accounts payable are listed under Liabilities in the company's Balance Sheet.Examples of accounts payable include:Sales taxes payable - sales taxes collected from customers that must be paid to the state department of revenuePayroll taxes payable - amounts withheld from employee pay for income taxes andemployment taxes, and amounts owed by the employer for that payroll and which must be paid to the IRS for withholding and FICA taxesLoans payable and mortgages payable - total amounts due, and amounts currently due for loans and mortgages
What is a general ledger?
A general ledger is a summary of all transactions that occur in a company (this is not entirely accurate, the general ledger shows you the balances and debits and credits to each specific account but does not provide detailed information on the transaction itself, the Journal is where the transactions are listed and then posted amounts are taken from the journal and put in the general ledger.) The General Ledger, sometimes referred to as the Nominal Ledger is the main accounting record of a business which uses double-entry accounting. It generally includes such accounts as current assets, fixed assets, liabilities, revenues, expenses, capital, etc. The general ledger is the group of accounts that support the value of accounts listed on the major financial records, such as Trial Balance, Balance Sheet, Statement of Owners Equity, Income Statement, etc. The general ledger may be supported by one or more subsidiary ledgers that provide more detailed information on accounts listed. For example, an account payable (or receivable) subsidiary ledger will contain more specific information on each individual account. For Example, say your General Ledger shows that you have a debit balance of $1500 in Accounts Receivable, this is a general amount, the subsidiary ledger will break down how much each customer actually owes. An example may be: Customer A owes you $500 Customer B owes you $400 Customer C owes you $300 Customer D owes you $300 The general ledger shows the full balance while the subsidiary ledger provides more detailed information
Do you put office equipment and office furniture under one category on a general ledger?
In general, office furniture and equipment are categorized under one general ledger category. It is highly recommended that you contact your accoutant or financial advisor to determine if this is the best way for your specific business or organization.
What commission is payable on transactions?
in the trading and profit and loss account where do i put commission payable
Do you put invoice in the ledger account?
Yes, invoices are recorded in the ledger account as they represent a financial transaction. They are typically entered in the accounts receivable or accounts payable sections, depending on whether you're expecting to receive payment or need to make a payment. This helps maintain an accurate record of financial activity and ensures that all transactions are tracked properly.
Debit balance in the sales ledger set off against credit balances in the purchase ledger?
Its a contra settlement. for sales ledger control a/c ...we put contra settlement in the Cr side and in purchases ledger control a/c ..we put contra settlement in the Dr side
Can a second mortgage put your home in foreclosure?
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
Can a lien be put on your home if you have no mortgage?
Yes, a lien is put on your home because you have liability and it doesn't matter whether you have mortgage or not.
Were do put long term notes payable on the balance sheet?
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
What is the meaning of a self certificate mortgage?
Simply put, a self certificate mortgage is a mortgage granted on an employee's statement of income as opposed to their employer's or accountant's statement of income.
Where should i put carriage inwards in Trade payable control account?
trading account expenses
If you are moving into your partner's house how do you put your name on the mortgage?
Unless your partner adds your name to the title and then refinances, there is no way for you to get on the mortgage.
Can a lien be put on your spouses home if your names not on the mortgage?
Yes.
